Level 3 Communications, Inc., a communications and information services company, today announced that it has completed its acquisition of all of the membership interests of Progress Telecom, LLC, a regional wholesale network services company based in St. Petersburg, Florida.
Progress Telecom, LLC was jointly owned by Progress Energy, Inc. and Odyssey Telecorp, Inc. Pursuant to the purchase agreement signed on January 25, 2006, Level 3 paid total consideration of 19,695,793 unregistered shares of Level 3 common stock and $68.5 million in cash. The purchase price remains subject to adjustment for the working capital balance assumed by Level 3 as of the closing date.
"We are looking forward to working together as part of the Level 3 team," said Ronald J. Mudry, President and CEO of Progress Telecom. "We believe our customers will benefit greatly from expanded access to Level 3's international network and its broad suite of transport, IP and Vo
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Level 3 Completes Progress Acquisition
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