Level 3 to Buy Global Crossing

Level 3 Communications and Global Crossing have entered into a definitive agreement under which Level 3 will acquire Global Crossing in a tax-free, stock-for-stock transaction. The combined company will operate a global services platform anchored by fiber-optic ...

Level 3 Communications and Global Crossing have entered into a definitive agreement under which Level 3 will acquire Global Crossing in a tax-free, stock-for-stock transaction. The combined company will operate a global services platform anchored by fiber-optic networks on three continents, connected by undersea facilities.

Under the agreement, Global Crossing shareholders will receive 16 shares of Level 3 common stock for each share of Global Crossing common stock or preferred stock owned at closing. Based on Level 3's closing stock price on April 8, the transaction is valued at approximately $3 billion.
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