Level 3 Communication's proposed acquisition of tw telecom gets green light from Justice Department

By: InnovatioNews Tuesday September 9, 2014 0 comments Tags: Broomfield, tw telecom

 

BROOMFIELD - Level 3 Communications Inc. (NYSE: LVLT) and tw telecom (NASDAQ: TWTC) announced the U.S. Department of Justice has cleared Level 3's impending acquisition of tw telecom.

The clearance completes the process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and is effective immediately, Level 3 said.

The two companies announced June 16 they had entered into a definitive agreement in which Level 3 would acquire tw telecom in a stock-and-cash deal valued at $40.86 per share based on a June 13 market close.

Under the terms of the agreement, tw telecom stockholders would receive $10 cash and 0.7 shares of Level 3 common stock for each share of tw telecom common stock owned at closing.

On July 29, Level 3 announced Level 3 Escrow II Inc., a wholly-owned subsidiary, planned to offer $600 million in senior notes to help finance the acquisition.
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