Level 3 Communications has acquired IP solutions and networking provider Global Crossing. The transaction is valued at $23.04 per share, or approximately $3 billion, including the assumption of approximately $1.1 billion of net debt from Global Crossing. The deal was an all-stock transaction. Global Crossing's networking platform offers businesses VPN, leased lines, audio and video conferencing, long distance telephone, managed services, dialup, colocation and VoIP services. Global Crossing's network is currently being used by 40 percent of Fortune 500 companies, as well as 700 carriers, mobile operators and ISPs.
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