CenturyLink is tanking after announcing a huge merger

CenturyLink announced it was acquiring L3 Communications and now its stock is tumbling.

Early Monday, the communications provider announced a deal to buy L3 in a merger with a total deal value of $34 billion.

"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 CenturyLink CEO Glen Post in the deal announcement.

The deal will also see the combined company save over $900 million in cost-cutting synergies, according to the press release announcing the move.

Following the news, the stock is down by a bit more than 10% at $27.27 a share as of 9:50 a.m. ET.

The dramatic drop coming directly after the announcement could be an indication that investors are not big fans of the deal.

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