CenturyLink said Monday that it will pay about $24 billion to buy telecommunications company Level 3, in an effort to expand its services for businesses.

CenturyLink Inc. provides internet, TV and phone services to consumers, as well as data and IT services for businesses. Level 3, based in Broomfield, Colorado, provides data, video and other communication services to businesses and government agencies.

Level 3 operates a data center in Garden City at 71 Clinton Rd., according to the company’s website. Seven employees work at the site, according to business information service Dun & Bradstreet.

Level 3 shareholders will receive about $66.50 in cash and a portion of CenturyLink stock for each share of Level 3 they own. The companies valued the deal at $34 billion, when debt is included.

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After the deal’s closing, expected in the third quarter of 2017, CenturyLink shareholders will own about 51 percent of the combined company and Level 3 shareholders will own about 49 percent.

The combined company will be based at CenturyLink’s headquarters in Monroe, Louisiana, and keep a “significant presence” in the Denver area where Level 3 is currently based.

Shares of CenturyLink fell $3.81, more than 12 percent, to $26.58, while Level 3 Communications Inc. shares rose almost 4 percent, to close at $56.15. With Victor Ocasio