Level 3 Completes Acquisition of
Broadwing
Press Release -
6:55 am on January 6, 2007
Level 3 Communications revealed on Thursday that it had completed its
$1.4 billion acquisition of wholesale voice and data carrier,
Broadwing Corp., but will not release details about the transaction
until its fourth-quarter financial numbers are reported in February.
Broadwing stockholders are being given 1.3411 shares of Level 3 plus
$8.18 in cash for each share they own, meaning that Level 3 will need
to issue a total of 122 million new shares and make cash payments of
$744 million.
Level 3 president and Chief Operations Operator, Kevin O’Hara says
that the acquisition will allow for integration with Broadwing’s
national backbone network, eliminating duplication and increasing
efficiency.
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