Level 3 Communications, Inc., a communications and information service company, yesterday announced that it has signed a definitive agreement to acquire all the membership interests of Progress Telecom LLC, a regional wholesale network services company based in St. Petersburg, Florida.
Under the terms of the agreement, Level 3 expects to pay total consideration of $137 million, consisting of $68.5 million in unregistered shares of Level 3 common stock and $68.5 million in cash.
"This transaction represents a unique opportunity to expand Level 3's footprint in the southeastern region of the United States, where we have seen strong demand for our services," said Kevin O'Hara, President and CEO, Level 3.
Ronald J. Mudry, President and CEO of Progress Telecom says, "We believe our customers will benefit greatly from expanded access to Level 3's international network and its broad suite of transport, IP and VoIP service offerings.
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Level 3 to Acquire Progress Telecom
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