April 11, 2011

Tax-free, stock-for-stock acquisition valued at $3B will create premier global communications provider.

Willkie represented longtime client Level 3 Communications in its tax-free, stock-for-stock acquisition of Global Crossing Limited. The transaction, announced on April 11, is valued at approximately $3.0 billion, including the assumption of approximately $1.1 billion of net debt. It will create a premier global communications provider with an owned network in more than 50 countries and connections to more than 70 countries.

According to Level 3, the transaction will "create a company with a unique capability to meet local, national and global customer requirements in a wide range of markets. By combining the strengths of each company, the new entity will offer enterprise, government, wholesale, content, and web-based customers a comprehensive portfolio of end-to-end data, video and voice solutions."

Corporate partners David Boston and Laura Delanoy led the Willkie team, which included partners Bill Hiller, Christopher Peters, Ian Levin, Michael Schwartz, and associates Danielle Scalzo, Howard Block, Jason Ertel, Amanda Granacher, Andrew Lloyd, Emil Iordanov, and John Knapke.

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