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Level 3 Buys Broadwing

Broomfield, Colorado-based Level 3 Communications said today that it is in a definitive agreement to acquire Broadwing, a optical network communications provider. The deal is worth approximately $1.4B in cash and stock. Level 3 said it expects to pay $744M in cash plus 122 million shares of the firm to acquire Austin, Texas-based Broadwing. Broadwing operates over 19,000 miles of intercity fiber network which it supplies to enterprises and service providers.