Level 3 has arranged to acquire fellow Tier 1 network operator Global Crossing in an all-stock deal worth $3 billion.
The deal will create an operator with fiber and other networks in around 50 countries throughout North America, Latin America and Europe, and subsea cable network connections to more than 70.
The combined company will operate a unique global services platform anchored by fiber optic networks on three continents, connected by extensive undersea facilities. The combined network will serve a worldwide customer set with owned network in more than 50 countries and connections to more than 70 countries. This transaction will create a company with pro forma combined 2010 revenues of $6.26 billion and pro forma combined 2010 Adjusted EBITDA of $1.27 billion before synergies and $1.57 billion after expected synergies.
Under the terms and subject to the conditions of the agreement, Global Crossing shareholders will receive 16 shares of Level
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