on october 27, 2008, embarq announced that it would be acquired by monroe, louisiana-based centurytel, inc. in an all-stock transaction valued at $11.6 billion, including the assumption of $5.8 billion in embarq's debt. centurytel's ceo glen post became ceo of the combined company. on june 2, 2009, centurytel and embarq announced that the combined entity would be called centurylink. the acquisition was completed on july 1, 2009. the change to centurylink took place in october 2009.