Level 3 says it will buy TW Telecom in a stock-and-cash deal valued at $40.86 a share. That translates to each TW Telecom shareholder receiving $10 in cash and and 0.7 shares of Level 3 for each share of TW Telecom. The deal is valued at $7.3 billion, including about $1.6 billion of debt. TW Telecom shareholders will own approximately 29 percent of the combined company.
The deal is subject to approval by shareholders of both companies as well as the Federal Communications Commission and other federal and state regulators. It's expected to close in the fourth quarter.
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