CenturyLink Inc. (NYSE: CTL), the fixed-line phone and Internet company, agreed to buy Savvis Inc. (Nasdaq: SVVS) for $2.5 billion to add so-called cloud-computing services for business customers.

Savvis stockholders will receive $40 a share, consisting of $30 in cash and $10 in CenturyLink shares, the companies said today in a statement. That’s 11 percent more than Savvis’s closing price yesterday.

CenturyLink operates one of its regional headquarters near Wake Forest, N.C. and provides services across parts of the Carolinas.

CenturyLink Chief Executive Officer Glen Post is adding business services as he seeks to expand and challenge larger rivals such as Verizon Communications Inc. (VZ) Verizon agreed in January to acquire Savvis competitor Terremark Worldwide Inc. for $1.4 billion.

“The transaction creates a premier managed hosting and colocation provider with global scale in a high growth sector, and is expected to be accretive to revenue growth and cash flow per share,” Post said in a statement. 

“Today, businesses are shifting the way they manage their information technology services and infrastructure, and this transaction helps us meet these needs by offering Savvis’ leading products and services coupled with CenturyLink’s network,” he added. “We look forward to working with the Savvis team to leverage CenturyLink’s significant scale and scope to fully realize the potential of Savvis’ capabilities for our combined customers, while also enhancing value for our shareholders and providing opportunities for our employees.”  

Post completed the acquisition of Qwest Communications International Inc. for a more than $20 billion this year, and in 2009 he oversaw the purchase of Embarq Corp. CenturyLink, based in Monroe, Louisiana, has almost tripled revenue since 2008 even as the market for home phones declines amid rising mobile and digital voice service.

Savvis lets customers store and access data, applications and computer services online.

“Together, CenturyLink and Savvis will operate 48 data centers located in North America, Europe, and Asia with more than 1.9 million square feet of gross floor space; a robust, national 207,000 route mile fiber network; a 190,000 mile global access network; and have a customer list that includes a majority of the Fortune 500 and Fortune 1000 companies,” CenturyLink noted in its announcement.

 Read here for more details about the deal.

Savvis fell $1.06 to $36.02 in Nasdaq Stock Market trading yesterday. The shares had gained 41 percent this year before today. Savvis CEO Jim Ousley said in February telecommunications companies were shopping for companies like his.

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