To those familiar with the telecommunications industry, the deal announced between CenturyLink and Level 3 Communications on Monday was not really a surprise. Both companies provide communications and services like data, voice and video transmission for large enterprises and each is trying to scrape away market share from rivals AT&T and Verizon.

The $25 billion deal would make the combined company the second-largest provider of communications to business in the United States, after AT&T. It brings CenturyLink an additional 200,000 route miles of fiber and potentially big commercial customers. In 2010, Level 3 struck a multiyear agreement with Netflix to help it stream its video content to consumers. Level 3 would not comment on whether Netflix was still a customer.

CenturyLink’s investors were not quite convinced that acquiring Level 3 was the ticket to turn around the company’s recent misfortunes, including competitive pressures from larger cable providers. Shares of CenturyLink fell 12.5 percent on Monday, while shares of Level 3 were up 3.9 percent.

Under the terms of the deal, CenturyLink, based in Monroe, La., will acquire Level 3 for $26.50 in cash and 1.4286 shares of CenturyLink stock for each Level 3 share, according to a statement issued by the companies on Monday.