Level 3 Completes Acquisition of Broadwing
03 Enero 2007 - 3:45PM
PR Newswire (US)
BROOMFIELD, Colo., Jan. 3 /PRNewswire-FirstCall/ -- Level 3
Communications, Inc. (NASDAQ:LVLT) today announced that it has
completed its acquisition of Broadwing Corporation (NASDAQ:BWNG), a
publicly held provider of optical network communication services.
Pursuant to the merger agreement dated October 16, 2006, Level 3
will pay consideration to Broadwing shareholders of $8.18 of cash
plus 1.3411 shares of Level 3 common stock for each share of
Broadwing common stock outstanding at closing. In total, Level 3
will pay approximately $744 million of cash and issue approximately
122 million shares of common stock. "The acquisition of Broadwing
benefits Level 3 in two distinct areas," said Kevin O'Hara,
president and chief operating officer of Level 3. "The integration
of the Broadwing backbone presents significant synergy
opportunities, and the expansion of the customer base provides
strategic growth opportunities for us moving forward." Broadwing,
based in Austin, Texas, delivers data, voice and media solutions to
enterprises and service providers over its 19,000 mile intercity
fiber network. Approximately half of Broadwing's revenue comes from
the wholesale market, with business customers comprising the
remaining revenue. More information concerning this transaction,
together with consolidated 2007 guidance for Level 3, will be
provided in the company's fourth quarter 2006 earnings release and
associated earnings conference call, which are tentatively
scheduled for February of 2007. About Level 3 Communications Level
3 Communications, Inc (NASDAQ:LVLT), an international
communications company, operates one of the largest Internet
backbones in the world. Through its customers, Level 3 is the
primary provider of Internet connectivity for millions of broadband
subscribers. The company provides a comprehensive suite of services
over its broadband fiber optic network including Internet Protocol
(IP) services, broadband transport and infrastructure services,
colocation services, voice services and voice over IP services.
These services provide building blocks that enable Level 3's
customers to meet their growing demands for advanced communications
solutions. The company's Web address is http://www.level3.com/.
"Level 3 Communications," "Level 3" and the Level 3 Communications
logo are registered service marks of Level 3 Communications, Inc.
in the United States and/or other countries. Any other product and
company names herein may be trademarks of their respective owners.
Level 3 services are provided by wholly owned subsidiaries of Level
3 Communications, Inc. Forward-Looking Statement Some of the
statements made by Level 3 in this press release are
forward-looking in nature. Actual results may differ materially
from those projected in forward-looking statements. Level 3
believes that its primary risk factors include, but are not limited
to: increasing the volume of traffic on Level 3's network;
developing new products and services that meet customer demands and
generate acceptable margins; successfully completing commercial
testing of new technology and information systems to support new
products and services, including voice transmission services;
stabilizing or reducing the rate of price compression on certain of
our communications services; integrating strategic acquisitions;
attracting and retaining qualified management and other personnel;
and the ability to meet all of the terms and conditions of our debt
obligations. Additional information concerning these and other
important factors can be found within Level 3's filings with the
Securities and Exchange Commission. Statements in this release
should be evaluated in light of these important factors.
http://www.newscom.com/cgi-bin/prnh/19990721/LVLTLOGO DATASOURCE:
Level 3 Communications, Inc. CONTACT: Josh Howell, +1-720-888-2517,
or Chris Hardman, +1-720-888-2292, or Investors, Robin Grey,
+1-720-888-2518, or Valerie Finberg, +1-720-888-2501, all of Level
3 Communications, Inc. Web site: http://www.level3.com/
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