DENVER BUSINESS JOURNAL - Two of Colorado's biggest tech companies -- Level 3 Communications Inc. and TW Telecom -- intend to join forces in a deal valued at $5.7 billion.
Level 3 (NYSE: LVLT) of Broomfield and TW Telecom (Nasdaq: TWTC), based in the Lone Tree area, announced the deal Monday morning. Level 3 will buy TW Telecom in a stock-and-cash deal valued at $40.86 a share. That translates to each TW Telecom shareholder receiving $10 in cash and and 0.7 shares of Level 3 for each share of the Littleton company.
The deal is valued at $7.3 billion, including about $1.6 billion of debt.
TW Telecom shareholders will own approximately 29 percent of the combined company.
"We believe this is a financially compelling and very strategic acquisition for Level 3 that will enhance our ability to continue to gain market share," Jeff Storey, president and CEO of Level 3, said in a statement. "The transaction further solidifies Level 3's position as a premier global communications provider to the enterprise, government and carrier market, combining TW Telecom's extensive local operations and assets in North America with Level 3's global assets and capabilities."
Read the full report on the Denver Business Journal: http://bit.ly/1uxKWpM.
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