Level 3 doubles its size2011-04-12 09:29 by DanielaTags: Level 3
Level 3 Communications announced a $3 billion merger Monday that will nearly double the size of the Broomfield-based Internet-network operator at a time when demand for broadband capacity is surging. Level 3 will acquire industry peer Global Crossing for $1.9 billion in stock and $1.1 billion in assumed debt. The combined company's fiber-optic-communications network will reach more than 70 countries, transporting Internet data for a wide range of businesses, including Google and Netflix. The deal comes amid a boom in demand for bandwidth, or Internet capacity, as consumers increasingly surf the Web on their cellphones and watch online movies and TV shows on their computers and TV sets. "It's pretty obvious that bandwidth is a basic necessity," Level 3 chief executive Jim Crowe said. "Food, water, air and bandwidth, both to your wired connection in your home and, increasingly at a pace that's breathtaking, to your handset. That's a development of the last three years or so." Read more -here-
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