Level 3 completes Broadwing buy
Level 3 announced today that it has completed its acquisition of Broadwing but is not providing details until its fourth-quarter earnings are released in February.
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Broadwing shareholders receive $8.18 in cash plus 1.3411 shares of Level 3 common stock for each share. Level 3 is paying $744 million in cash and issuing 122 million shares of common stock to close the deal. At today’s stock price of $5.60, that would value the total deal at more than $1.4 billion.
In announcing the completion of the deal, Level 3 President and COO Kevin O’Hara highlighted the two largest benefits--integration of the two national backbones to eliminate duplication and create a more efficient network and the addition of Broadwing’s customer base.
Since buying Broadwing, Level 3 also acquired the content delivery network assets of Savvis.
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© 2012 Penton Media Inc.
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