Level 3 buying TW Telecom in $5.7B deal

Level 3 (NYSE: LVLT) of Broomfield and TW Telecom (Nasdaq: TWTC), based in the Lone Tree area, announced the deal Monday morning. The deal would be a bigger acquisition for Level 3 than its $3 billion purchase of Florham, New Jersey-based Global Crossing in 2011.

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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