CenturyLink Inc. agreed on Monday to acquire Level 3 Communications Inc. in a $34 billion cash-and-stock deal creating a business communications provider designed to better compete with market leaders AT&T Inc. and Verizon Communications Inc.

“The digital economy relies on broadband connectivity, and together with Level 3 we will have one of the most robust fiber network and high-speed data services companies in the world,” said a statement by CenturyLink CEO Glen Post.