Level 3 Communications, Inc. today announced it completed acquisition of tw telecom, combining the companies to provide a comprehensive product portfolio to enterprise, government and carrier customers worldwide.
"Level 3 is helping customers migrate to the next wave of technology," Level 3 president and CEO Jeff Storey said. "We know our customers' needs are changing, and by bringing together these two great, customer-focused companies, we are taking the next step in the evolution of Level 3 and bringing us closer to realizing our vision of being the trusted connection to the networked world.”
The acquisition boosts Level 3’s North American enterprise revenue, doubles the North American salesforce, addresses threat with infrastructure from both companies and enables a more reliable and better quality on-net experience for customers working in North America.
tw telecom’s common stock will stop trading on NASDAQ today, Oct. 31, and stockholders will receive $10 cash and 0.7 shares of Level 3 common stock per share of tw telecom common stock owned.
Fiber networks from Level 3 and tw telecom reach across six continents and 60 countries, providing services to more than 50,000 customers worldwide.
Both companies will be represented on Level 3’s board of directors.
Level 3 plans to report Q3 2014 results and discuss earnings results for Level 3 and tw telecom Nov. 5. The discussion will be broadcast live here at 10 a.m. ET Nov. 5.
