Level 3 Communications (NASDAQ:LVLT) and Global Crossing Limited (NASDAQ:GLBC) have entered into a definitive agreement under which Level 3 will acquire Global Crossing in a stock-for-stock transaction. Under the terms of the agreement, Global Crossing shareholders will receive 16 shares of Level 3 common stock for each share of Global Crossing common stock or preferred stock that is owned at closing. “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. “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.” Level 3 Communications is currently above its 50-day moving average (MA) of $1.35 and above its 200-day of $1.11. In the last five trading sessions, the 50-day MA has climbed 1.69% while the 200-day MA has risen 0.6 percent. Level 3 Communications, Inc. provides telecommunications and information services, including local, long distance, and data transmission. The Company also provides other enhanced communications and Internet services, and is involved in coal mining businesses.
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