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Level 3 buying Global Crossing in $3 bn deal
[May 23, 2011]

Level 3 buying Global Crossing in $3 bn deal

(Flare (Pakistan) Via Acquire Media NewsEdge) Internet provider Level 3 Communications announced it was acquiring networking company Global Crossing in a stock deal valued at $3 billion, the latest consolidation in the telecom sector.

The combined company will provide fiber optic connections to more than 70 countries on three continents and comes about three weeks after US telecom giant AT&T's $39 billion proposed acquisition of T-Mobile USA.

The deal calls for Global Crossing shareholders to receive 16 shares of Level 3 common stock for each share of their Global Crossing stock.

"This is a transformational combination that we believe will deliver significant value to the investors, customers and employees of both Level 3 and Global Crossing," Level 3 chief executive Jim Crowe said in a statement.

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