Level 3 Communications Inc., a provider of a range of integrated communications services, said that the proposed takeover of Global Crossing Ltd. (NASDAQ: GLBC) has been approved by regulators, clearing the way for the company to complete the transaction.
Level 3 said that it expects to complete the transaction early next week. The deal will expand the capacity of the company’s long-distance telecommunications network that transmits data across the world.
The Justice Department and the Federal Communications Commission gave their nod to the proposed takeover on Thursday. The deal was announced back in April and has already been approved by the shareholders of Level 3 and Global Crossing.
The acquisition of Global Crossing will allow Level 3’s network to reach over 70 countries on three continents.
Level 3 Communications shares had risen sharply earlier today following the approval of the acquisition. However, the stock shed its gains in late trading and is now marginally lower. At last check, Level 3 shares were trading 0.33% lower at $1.50, with volume at 21.83 million. Year-to-date, Level 3 shares gained 55.23%, outperforming the broad market.
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