All go with Level 3’s acquisition of Global Crossing
05 August 2011 |
Level 3’s acquisition of Global Crossing has been approved by both companies’ shareholders.
The takeover, estimated to be worth approximately $3 billion, received a 99.8% vote of favour amongst Global Crossings shareholders.
At a Level 3 shareholders' meeting, 99.6% voted in favour of the issuance of shares of Level 3 common stock to Global Crossing shareholders.
Level 3s CEO James Crowe said he was pleased to receive the support of both companies shareholders.
"We believe that the combination of our two companies will create immediate and long-term value for our stockholders and customers. We continue to work to obtain the requisite regulatory approvals needed to close the transaction and begin the process of integrating the companies to realise the synergies and opportunities expected from the transaction," he said.
The deal is expected to be completed by the end of this year. Once complete, the combined company will be able to offer a global services platform anchored by fibre-optic networks across three continents, with a customer base covering more than 50 countries and with connections to more than 70 countries.
The new company aims to build on the strengths of both Level 3 and Global Crossing, offering a comprehensive portfolio of end-to-end data, video and voice solutions to customers from a range of backgrounds, including enterprise, government, wholesale, content and online.
To read a full in-depth analysis of the deal click here.