(WEB HOST INDUSTRY REVIEW) -- Fiber-based communications services provider Level 3 Communications (Level 3 Communications | Telecommunications Companies, ISP, CDN
) announced on Tuesday it completed its acquisition of Global Crossing (</title> <meta http-equiv="X-UA-Compatible" content="IE=EmulateIE7" /> <title>Level 3 Communications (NASDAQ: LVLT) is a premier global provider of state-of-the-art data, voice, video and managed solutions, serving enterprise, content, government and
) in a stock swap valued at about $2 billion.
Level 3 announced back in April it would acquire Global Crossing. At the time, the companies said the all-stock deal would be valued at $3 billion, including $1.1 billion in net debt.
The combined company now has fiber networks on three continents, network infrastructure in over 50 countries, connections to more than 70 countries and extensive undersea cable capacity.
The combined company, which has earned more than $6 billion in annual revenue, will continue to operate under the Level 3 name and trade on the New York Stock Exchange under the "LVLT" ticker symbol.
With the acquisition, Level 3 will now have three business units focused solely on North America, Latin America, and Europe, the Middle East and Africa.
The deal's completion was pending the approval of the two companies' shareholders, which happened in August, and the Federal Communications Commission finally approved the transaction on September 29.
Level 3 has issued 1.3 billion shares as part of the transaction, where Global Crossing shareholders will receive 16 shares of Level 3 for every share of Global Crossing they had.
Meanwhile, Level 3 has 3.1 billion shares on the market. It said it plans to cut this number down to 293 million by performing a 1-for-15 stock split after the market closes on October 19.