Denver-based Qwest Communications is in a deal this morning to be acquired by CenturyLink, in a deal worth approximately $10.6 billion. According to the two firms, CenturyLink will acquire Qwest in a stock-for-stock transaction, worth approximately $6.02 per share to Qwest shareholders. CenturyLink said it plans to maintain a "key presence" in Denver, but that the headquarters for the combined firm will be located in Monroe, Louisiana. CenturyLink said it expects to save around $575M in annual "operating cost synergies"--driven by reduction of corporate overhead, elimination of duplicate functions and systems, and increased operational efficiencies. Impact of the deal on Qwest's extensive presence in the region have not yet been detailed.