Level 3 Completes Acquisition of Global Crossing
Combination meets customers' local, national and global communications needs - Combination provides service over 165,000 intercity, metro and subsea fiber route miles with presence in 45 countries - Pro Forma 2010 revenues of $6.2 billion and 2010 Adjusted EBITDA of $1.3 billion, $1.6 billion including expected synergies - Announces plans to transfer listing of common stock to New York Stock Exchange, will implement reverse stock split
BROOMFIELD, Colo., Oct. 4, 2011
/PRNewswire via COMTEX/ -- Level 3 Communications, Inc., LVLT +5.28% today announced that it has completed its acquisition of Global Crossing Limited. The transaction was structured as a tax-free, stock-for-stock exchange. The company also announced that it will conduct its business on a worldwide basis using the Level 3 Communications name with a new brand identity that incorporates elements from both companies, representing their combined strengths. In addition, the company announced plans to transfer the listing of its common stock to the New York Stock Exchange (NYSE), and expects to begin trading on the NYSE on Oct. 20, 2011, under its current ticker symbol "LVLT". The company will continue to trade on the NASDAQ Global Select Market until the transfer is completed. In conjunction with listing on NYSE, the company will affect a 1-for-15 reverse stock split of the Level 3 common stock.
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