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  • Level 3 Sells Subsidiary for $287M
Jul 2006
BROOMFIELD, Colo., July 21, 2006 -- Level 3 Communications Inc. announced yesterday that it will sell its wholly owned subsidiary, Software Spectrum, to Tempe, Ariz.-based information technology service provider Insight Enterprises Inc. for $287 million in cash.

Level 3 Vice Chairman Charles C. Miller III said the company would use the proceeds of the sale of Software Spectrum, an information services provider, to pursue growth opportunities more closely related to its communications business. Level 3 provides Internet connectivity through its broadband fiber optic network and, through its Vyvx subsidiary, fiber optic and satellite video and advertising distribution solutions.

The sale is subject to regulatory approval as well as other customary closing conditions, and is expected to close in the third quarter of 2006, Level 3 said.

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