Level 3 to buy WilTel for about $680 million
An AP newswire article, via The Mecury News, reports that:
Level 3 Communications Inc. said Monday it agreed to acquire Internet access and services company WilTel Communications Group LLC from Leucadia National Corp. for about $680 million.
Level 3, which operates IP-based fiber-optic networks said it will pay $370 million in cash and issue 115 million shares in the deal. Based on Friday's closing price of $2.70 for Level 3 shares, the stock portion of the agreement is valued at $310.5 million. Level 3 has the right to substitute cash in lieu of stock.
The Tulsa, Okla.-based WilTel delivers voice, data, video and IP services over a next-generation fiber-optic network. The acquisition includes all of WilTel's communications business, including a multiyear contract with SBC Communications Inc. and WilTel's Vyvx video transmission business.
posted by Fergie @ 10/31/2005 08:09:00 AM
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