Level 3 Buys Global Crossing

Broomfield, Colorado-based Level 3 Communications announced this morning that it has entered into a definitive agreement to acquire Global Crossing, in a deal worth approximately $3.0 billion. The firm said it will provide 16 shares of its common stock for each share of Global Crossing common stock, creating a company with combined 2010 revenues of $6.26 billion. Level 3 said the deal would make Singapore Technologies Telemedia, Global Crossing's largest shareholder, as a significant investor in the firm.