Level 3 to Buy Broadwing for $1.4B
BROOMFIELD, Colo., Oct. 18, 2006 -- Level 3 Communications will acquire Broadwing Corp. in a cash and stock deal worth $1.4 billion, the companies announced yesterday.
Under the agreement, Level 3 will pay $8.18 in cash, plus 1.3411 shares of Level 3 common stock, for each share of Broadwing common stock outstanding at closing, for a total of approximately $744 million in cash and 122 million stock shares, Level 3 said. Based on Monday’s $5.32 closing price of Level 3’s common stock, each share of Broadwing stock would...