Level 3 buys Global Crossing

Level 3 Communications has entered an agreement to purchase Global Crossing today. The combined company will operate a global services platform based on fiber optic networks on three continents, connected by extensive undersea facilities. The combined company will offer enterprise, government, wholesale, content, and web-based customers a comprehensive portfolio of end-to-end data, video and voice solutions.

According to TechCrunch, Global Crossing's networking platform brings VPN, leased lines, audio and video conferencing, long distance telephone, managed services, dialup, colocation and VoIP services to the deal. Additionally, Global Crossing's network boasts users from 40 percent of Fortune 500 companies.

"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," said Jim Crowe, chief executive officer of Level 3, in the release. "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."

This deal will combine the companies with pro forma combined 2010 revenues of $6.26 billion.

For more:
- read the release
- read the TechCrunch article

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