Temasek spends $244 million to become CenturyLink top shareholder

09 April 2018 | Natalie Bannerman

Temasek, the Singapore-based investment company, has invested a reported $244.5 million in shares to become the top shareholder of CenturyLink.

Temasek’s total stake in the company has increased to 11% after it acquired just over 14.787 million shares through its affiliate Ellington Investments.

Its previous shareholding was about 9.7% meaning that it has only acquired an additional 1.3% to make it the majority shareholder.

In the filing with US Security and Exchange Commission, the document states that the transaction was funded using Tembusu Capital’s, the subsidiary of Temasek Holdings, working capital.

News recently broke of Jeff Storey, CCO of CenturyLink, assuming the role of CEO in May, succeeding current CEO Glen Post who is due to retire. Post is said to be entering the role eight months earlier than expected because Post is confident in Storey.

In June of 2017, CenturyLink published its CEO succession plan in which Storey was slated to become president and CEO of the newly merged company in January 2019 and at which point Post was due to become chairman of the company's board of directors.