Level 3 Buys Telecom Provider Progress for $137M

Broomfield, Colorado-bsaed Level 3 Communications has agreed to acquire Progress Telecom LLC, a wholesale network services company in St. Petersburg, Florida, for $137M. Level 3 said that it would pay $68.5M in stock and $68.5M in cash for the firm, which provides telecom connectivity in South Florida and the southeast. Progress connects 29 metro networks, international cable landings, and mobile switching centers. Progress is co-owned by Progress Energy and Odyssey Telecorp.