Level 3 Communications Inc. has agreed to acquire communications company Global Crossing Limited in an all-stock transaction worth $3 billion.
Global Crossing shareholders will receive 16 shares of Level 3 stock for each share of Global Crossing, the equivalent of $23.04 per share. Level 3, based in Broomfield, Colo., will also assume $1.1 billion of Global Crossing debt in the deal that is expected to close before year’s end.
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