Backbone Firm Level 3 to Buy Global Crossing for 3 Billion

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(WEB HOST INDUSTRY REVIEW) –- Fiber-based communications services provider Level 3 Communications (www.level3.com) announced on Monday it will acquire rival Global Crossing (www.globalcrossing.com) in an all-stock deal valued at $ 3 billion, including $ 1.1 billion in net debt.

The deal is pending regulatory and shareholder approval and is expected to close by the end of 2011.

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US-based Level 3 is offering 16 of its own shares for each Global Crossing share, equal to $ 23.04 per share at Level 3’s closing share price the day before the deal was announced.
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