It’s official – Level 3 and Global Crossing have joined forces to create a global carrier focused on wholesale, enterprise and government, content, and transport services. The new combined company had pro forma 2010 revenues of $6.2 billion and pro forma 2010 Adjusted EBITDA of $1.3 billion. The combined company will retain the Level 3 name and remain headquartered in Broomfield, Coloroado.
“Our enterprise is now a global, state-of-the-art communications company that is substantially bigger and financially stronger, with an unrivaled IP/optical network and global reach, and an entrepreneurial culture singularly focused on the customer experience,” said James Q. Crowe, chief executive officer of Level 3 in a press release.
Global Crossing shareholders are receiving 16 Level 3 shares for each share of Global Crossing. Post transaction, Level 3 intends to do a 1-for-15 reverse stock split and will trade on the NYSE with its current ticker LVLT.
The company will operate a 165K route mile fiber network in 45 countries and will be organized into three geographically based units – EMEA (Europe, Middle East, and Africa), Latin America, and North America. Current Level 3 CEO James Q. Crowe will keep his title for the combined company. Current Global Crossing CEO John Legere will leave the company.
