Level 3 gets go-ahead to buy tw telecom

Level 3 has received approval from US regulator the Federal Communications Commission for the acquisition of US managed-services provider tw telecom.

According to reports, shareholders are expected to vote in favour of the merger on October 28.

The deal to purchase tw telecom was announced in June, in a transaction worth $7.3 billion including tw telecom’s debt. The proposed stock-and-cash purchase valued the company at $40.86 per share, based on market prices at the time.

Level 3 said that the combined value of the new enterprise would be $25 billion, with synergies between the two businesses generating potential savings of up to $2 billion.

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