US regulator extends review of Level 3, Global Crossing deal

News Broadband United States 12 JUL 2011
US regulator extends review of Level 3, Global Crossing deal
The US Department of Justice is extending its investigation of Level 3 Communications' proposed takeover of Global Crossing. Both companies received requests from the regulator for additional information needed for the review under the Hart-Scott-Rodino Antitrust Act. Level 3 said it will respond accordingly and still expects the takeover to close by year-end. Level 3 announced in April the proposed takeover for USD 3 billion.

Categories:

Fixed

Companies:

Global Crossing,  Level 3 Communications

Countries:

United States

Tags:

Regulations, Wholesale, M&A buyouts & divestments

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Level 3 to buy Global Crossing for USD 3 billion

Level 3 Communications has agreed to buy Global Crossing in an all-stock deal valuing Global Crossing at USD 3.0 billion, including USD 1.1 billion in net debt. US-based Level 3 is offering 16 of its own shares for each Global Crossing share, equal to USD 23.04 per share at Level 3's closing share price the day before the deal was announced. The deal creates a major global player in connectivity services, with fibre networks on three continents, network infrastructure in over 50 countries, connections to mo

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