CenturyLink has agreed to buy Level 3 Communications for about $34 billion in cash and stock, creating a competitor to AT&T in the market to handle internet traffic for businesses. The acquisition values Level 3 at $66.50 a share, the companies said in a statement Monday.

Level 3 is one of the largest providers used by internet services including Netflix and Google to route traffic across the web, operations that would bolster CenturyLink’s core offerings to businesses.

CenturyLink Chief Executive Officer Glen Post will remain CEO of the combined company, while Level 3 Chief Financial Officer Sunit Patel will be CFO.

Level 3 was the second-biggest U.S. provider of ethernet services in the first half of this year, trailing only AT&T, according to Vertical Systems Group Inc. CenturyLink was fifth on the list.