Shares of Level 3 Communications Inc., a communications service provider in North America and Europe, are soaring in today’s trading after the company completed the acquisition of Global Crossing Limited.
At last check, Level 3 shares were trading 11.51% higher at $1.69, with volume up from daily average of 26.23 million to 40.7 million.
The acquisition has been structured as a tax-free, stock-for-stock exchange. The company said that it will continue to conduct its business globally using the Level 3 Communications name, with a new brand identity that includes elements from both Level 3 and Global Crossing.
Level 3 also said that it plans to transfer the listing of its shares from NASDAQ to the New York Stock Exchange (NYSE). The company’s shares are expected to start trading on the NYSE on October 20, 2011, under the current ticker symbol LVLT.
Following the completion of the transaction, Level 3 will now operate as a service platform for medium to large enterprises, wholesale, content and government customers.
James Q. Crowe, CEO of Level 3, said that Level 3 is now a global, state-of-the-art communications company that is significantly bigger and financially stronger.
Additional articles published by Beacon Equity Research can be found on their website at www.BeaconEquity.com
Let us hear your thoughts below:
