Mergers & Acquisitions

Mergers & Acquisitions

Share
July 20, 2011

Global Crossing Receives Request from the U.S Department of Justice



 

Integrated IP service provider Global Crossing Limited revealed that the company, along with Level 3 Communications (News - Alert) has received from the U.S. Department of Justice a request for additional information under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to Level 3's previously-announced acquisition of Global Crossing (News - Alert)

Global Crossing official confirmed in a press release that the company is planning to respond to the second request appropriately.

Global Crossing continues to expect that the transaction will close on the previously announced schedule.

Global Crossing provides services to enterprises; government departments and agencies; and 700 carriers, mobile operators and ISPs. It delivers converged IP services to more than 700 cities in more than 70 countries, and has 17 world-class data centers in major business centers around the globe.

Earlier in May 2011, TMC (News - Alert) reported on the proposed amalgamation involving Level 3 Communications, Inc. and Global Crossing Limited announced on April 11, 2011. Level 3 Communications has initiated the acquisition of the networking company Global Crossing in a stock deal valued at $3 billion. The combined company, as indicated, will provide fiber optic connections to more than 70 countries on three continents and comes about three weeks after US telecom giant AT&T's $39 billion proposed acquisition of T-Mobile (News - Alert) USA. "This is a transformational combination that we believe will deliver significant value to the investors, customers and employees of both Level 3 and Global Crossing," said Level 3 chief executive Jim Crowe, in that release.

As indicated in the press release, Global Crossing and Level 3 have filed with the SEC (News - Alert) a registration statement on Form S-4 that includes a joint proxy statement of Level 3 and Global Crossing that also constitutes a prospectus of Level 3, and may in the future file with the SEC other relevant documents concerning the proposed transaction. Level 3 and Global Crossing have each provided the final joint proxy statement/prospectus to its respective stockholders. Investors and security holders are urged to read the registration statement and the joint proxy statement/prospectus and any other relevant documents filed with the SEC when they become available, as well as any amendments or supplements to those documents, because they contain and will contain important information about Level 3, Global Crossing and the proposed transaction.


Meenakshi Shankar is a TMCnet contributor. To read more of her articles, please visit her columnist page.

Edited by Rich Steeves
Share


blog comments powered by Disqus