Deals
Level 3 Surges on $1.9 Billion Deal for Global Crossing
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Level 3 Communications Inc., the unprofitable provider of broadband services, jumped the most in five months after agreeing to buy Global Crossing Ltd. for about $1.9 billion.
Level 3, based in Broomfield, Colorado, will acquire Global Crossing in an all-stock transaction to expand its network over three continents and reduce expenses, the companies said in a statement today. The deal is worth $23.04 a share based on Level 3’s closing stock price on April 8, 56 percent more than Global Crossing’s share price that day. Jim Crowe, Level 3’s chief executive officer, will lead the merged entity.