Arik Hesseldahl

Recent Posts by Arik Hesseldahl

Level 3 to Acquire Global Crossing in $1.9 Billion Stock Deal

Level 3 Communications said it has agreed to acquire Global Crossing in an all-stock deal valued at about $1.9 billion. The companies said their combined network will serve a customer set with owned network in more than 50 countries and connections to more than 70 countries. They see the deal generating synergies from network expense savings, operating expense savings and reductions in capital spending. Under the deal, Global Crossing equity holders will receive 16 Level 3 shares for each of their common or preferred shares. That values Global Crossing at $23.04 a share, a 56 percent premium, based on Level 3′s closing price on Friday. Level 3 will also assume about $1.1 billion in debt.


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I think the NSA has a job to do and we need the NSA. But as (physicist) Robert Oppenheimer said, “When you see something that is technically sweet, you go ahead and do it and argue about what to do about it only after you’ve had your technical success. That is the way it was with the atomic bomb.”

— Phil Zimmerman, PGP inventor and Silent Circle co-founder, in an interview with Om Malik