Fresh off its Progress Telecom acquisition, Level 3 Communications Inc. said today it will acquire all of the stock of ICG Communications Inc., a privately held Colorado-based telecommunications company for $163 million.
“This transaction gives Level 3 the opportunity to further expand our footprint into areas where we see demand for our services, and to realize cost savings, said Kevin O’Hara, president and COO of Level 3.
Level 3 will pay $127 million in unregistered shares of its common stock and $36 million in cash. The transaction does not include ICG’s investments in New Global Telecom Inc. or Mpower Holding Corp. Closing is expected to occur mid-year 2006 and is subject to customary closing conditions.
ICG primarily provides transport, IP and voice services to wireline and wireless carriers, ISPs and enterprise customers. The company owns more than 2,000 metro and regional fiber miles in Colorado and Ohio and includes approximately 500 PoPs. ICG serves more than 1,600 customers.
“Level 3 has an excellent reputation in the communications industry,” said Dan Caruso, president and CEO of ICG Communications. “We believe our customers and employees will be in good hands.
Level 3s shares were trading higher, reaching $4.86, on Monday afternoon.
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