Level 3 Communications has announced that it has completed its tax-free, stock-for-stock acquisition of Global Crossing. Going forward, the company has confirmed that the Level 3 name will be used on a worldwide basis, with a new brand identity incorporating elements from both companies, reflecting their respective 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 20 October 2011. Level 3 is an international provider of fibre-based communications services. It caters to enterprise, wholesale and government customers using its end-to-end fibre network. Global Crossing provides services to enterprises (including approximately 40% of the Fortune 500 list), government departments and around 700 carriers, mobile operators and ISPs. The merger will give Level 3 fibre-optic links across the Pacific Ocean and in Latin America, as well as adding to its existing capacity in the US and Europe.
Going forward, the enlarged company will operate through three geographically organised business units: Europe, the Middle East and Africa (EMEA), Latin America and North America, and each business unit will have a leader accountable for sales, operations and marketing in that region. The corporate headquarters of the company will remain situated in Broomfield, Colorado. James Q Crowe, chief executive officer of Level 3, commented: ‘Our enterprise is now a global, state-of-the-art communications company that is substantially bigger and financially stronger, with an unrivalled IP/optical network and global reach, and an entrepreneurial culture singularly focused on the customer experience. We believe the rapidly evolving communications market represents an extraordinary opportunity for us, and we are well positioned to capitalise on it’.