Level 3 Communications Inc. on Wednesday completed its acquisition of ICG Communications Inc., a privately held Colorado-based telecommunications company.
Level 3 paid approximately 26 million unregistered shares of its common stock and approximately $45 million in cash. The provider paid $9 million more in cash than it initially expected because ICGs working capital had improved over the month-and-a-half since the deal was announced.
Level 3 did not acquire ICG’s investments in New Global Telecom or Mpower Holding Corp. ICG now is a wholly owned subsidiary of Level 3.
“We are pleased to have completed the transaction, which gives Level 3 the opportunity to further expand our footprint into areas where we see demand for our services,” said Kevin O’Hara, president and COO of Level 3. “ICG’s business model fits nicely with the expansion of our metropolitan services offerings.”
ICG primarily provides transport, IP and voice services to wireline and wireless carriers, ISPs and enterprise customers.
Level 3 Communications Inc. www.level3.com
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