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Level 3 buying Global Crossing in latest telecom blockbuster

Level 3 Communications has announced plans to buy fellow carrier Global Crossing in a stock deal worth about $1.9 billion that the companies say will bolster their enterprise service offerings.

The union of Broomfield, Colo.-based Level 3 and Bahama-based Global Crossing will create a carrier with combined revenue of about $6.26 billion and marks the second giant telecom merger to be announced in the past few weeks, with the proposed AT&T and T-Mobile deal announced in March. Level 3 will assume some $1.1 billion in debt as part of the agreement.

MERGERS: Top tech M&A deals of 2011 

The carriers between them own networks in 50 countries that reach to 70 countries. In making the announcement, Level 3 emphasized that Global Crossing will boost its enterprise service portfolio with managed services and VPN offerings.

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