Level 3 Communications to Acquire ICG for $163M

An AP newswire article, via SFGate.com, reports that:

Network provider Level 3 Communications Inc. said Monday it will acquire ICG Communications Inc. in a cash-and-stock deal worth $163 million.

Level 3 said the assets of the privately held telecommunications company will help it build business in other areas of the telecommunications industry.

The definitive agreement, which is subject to regulatory approval, calls for Level 3 to pay $127 million in unregistered shares of its common stock and $36 million in cash. Level 3 said the deal is expected to close by midyear.

More here.