Louisiana-based CenturyLink is close to approving a deal to buy Qwest, Oregon's largest phone company.
CenturyLink (formerly known as CenturyTel) would assume $11.8 billion in debt and provide Qwest shareholders with CenturyLink stock currently worth about $12.4 billion.
Oregon has lost a third of its phone lines in the past decade as customers have shifted to cell phones. Neither Qwest nor CenturyLink has a wireless business, so they're hoping to pool their resources, cut spending and emphasize new online services.
Last month, the two major unions representing Qwest and CenturyLink employees endorsed the deal.
Read more at OregonLive.com.