Level 3 to Acquire Global Crossing
Internet content delivery company Level 3 Communications has agreed to buy Global Crossing Limited in a deal valued at $3 billion.
Jim Crowe, chief executive officer of Level 3 said:
This is a transformational combination that we believe will deliver significant value to the investors, customers and employees of both Level 3 and Global Crossing. The complementary fit between the two companies' networks, service portfolios and customers is compelling. By leveraging the respective strengths and extensive reach of both companies, we are creating a highly efficient and more extensive global platform that is well-positioned to meet the local and international needs of our customers.
According to GigaOM, the deal elevates Level 3 to big boy broadband status. Level 3 will now have the power and scale to control its own destiny as industry consolidation continues to take place, specifically among last mile and wireless providers.