To clarify the position, Level 3 has stated that the agreement between
Global Crossing and Team Telecom was terminated in 2011 as a result of Level 3's acquisition of
Global Crossing.
The agency also maintained the B- rating on the GBP270.2m-equivalent (USD431.3m/EUR310.5m) senior secured notes issued by
Global Crossing (UK) Finance PLC.
The transaction was structured as a tax-free, stock-for-stock exchange in which shareholders of
Global Crossing will receive 16 shares of Level 3 common stock for each share of
Global Crossing common stock or preferred stock owned at closing.
The deal also enhances
Global Crossing's ability to deliver high-performance Tier 1 Internet connectivity to carriers and enterprise locations throughout east and southern Africa.
"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," Level 3 chief executive Jim Crowe said in a statement.
The solution includes a full-time satellite downlink of the Fashion One channel, as well as access to
Global Crossing Genesis Solutions' global video network, which comprises 700 on-net cities and 25 teleport facilities worldwide.
The contract has been signed for Level 3 to acquire
Global Crossing in a tax-free, stock-for-stock transaction.
(NASDAQ: LVLT) after it struck a deal to buy
Global Crossing Limited (NASDAQ: GLBC) for about $1.9 billion stock deal to boost its service portfolio.
"As enterprise, carrier and government applications consume additional bandwidth,
Global Crossing recognizes the value of giving customers the added end-to-end capacity they need to meet this growing demand and to help them effectively scale their bandwidth requirements," said John Dobbins, vice president of Transport and Infrastructure Product Management at
Global Crossing.
Xtera's contract with
Global Crossing is to provide new capacity using the Xtera NXT next generation Submarine Line Terminal Equipment (SLTE) with 20 Gbit/s Differential Phase Shift Technology (DPSK).
"This partnership with
Global Crossing is significant in terms of expanding the connectivity alternatives for our customers across the US, Canada and Latin America," Abdullah Hashim, senior vice-president, Business Solutions, etisalat said in a press release yesterday.
"This partnership with
Global Crossing is significant in terms of expanding the connectivity alternatives for our customers across the US, Canada and Latin America," said Abdulla Hashim, senior vice president, Business Solutions, Etisalat.
