The state’s Utilities and Transportation Commission has approved an all-party settlement to transfer control of Level 3 Communications LLC to CenturyLink.

CenturyLink is the largest local telephone company in Washington, serving approximately 720,000 residential and business phone lines. The company serves Tacoma, Olympia, and the rest of the South Sound, as well as, among others,  Seattle, Spokane, Bellevue, Bellingham, Yakima and Walla Walla.

The settlement agreement, filed in April, establishes that CenturyLink, Inc. will acquire the Level 3 parent company, a multinational telecom and Internet provider based in Colorado. As a result, CenturyLink will also acquire the six Level 3 competitive local exchange companies registered in the state of Washington.

In approving the acquisition, the UTC commission stated that it is satisfied the conditions agreed to in the settlement provide a net positive effect in Washington, and that CenturyLink will become a more competitive company as a result of the merger. The cash and stock transaction is valued at approximately $34 billion.