October 18, 2006
On October 17, Willkie client Level 3 Communications, Inc. announced that it has signed a definitive agreement to acquire Broadwing Corporation, a publicly held provider of optical network communications services, for $1.4 billion in cash and stock. Level 3 will pay $8.18 plus 1.3411 shares of Level 3 common stock for each share of Broadwing common stock outstanding at closing. Austin, TX-based Broadwing delivers data, voice and media solutions to enterprises and service providers over its 19,000 mile intercity fiber network. In recent months, Willkie has advised Level 3 in a series of transactions, including its $1.2 billion acquisition of TelCove Inc., its $680 million acquisition of WilTel Communications, its $165 million acquisition of Looking Glass Networks Inc., and its $163 million acquisition of ICG Communications, Inc. Level 3 is an international communications and information services company that operates one of the largest communications and Internet backbones in the world. The deal was handled by partners David Boston and Richard Reinhold, and associates Laura Delanoy and Christopher Peters.
