Level 3 Communications has completed its acquisition of Broadwing

Corporation, a publicly held provider of optical network communication services. Pursuant to the merger agreement dated October 16, 2006, Level 3 will pay consideration to Broadwing shareholders of US$8.18 of cash plus 1.3411 shares of Level 3 common stock for each share of Broadwing common stock outstanding at closing. In total, Level 3 will pay approximately US$744mn of cash and issue approximately 122mn shares of common stock. Broadwing, based in Austin, Texas, delivers data, voice and media solutions to enterprises and service providers over its 19,000 mile intercity fibre network. Approximately half of Broadwing's revenue comes from the wholesale market, with business customers comprising the remaining revenue.
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