Level 3, Global Crossing Shareholders Approve Merger

Shareholders of Level 3 Communications and Global Crossing have approved a $3 billion merger, the companies announced Wednesday.

Shareholders overwhelmingly voted to approve a transaction that will combine two of the nations largest network service providers with vast infrastructure in the United States and abroad.

They still expect the deal to close before the end of the year.

“We believe that the combination of our two companies will create immediate and long-term value for our stockholders and customers,” Level 3 CEO James Q. Crowe said in a statement. “We continue to work to obtain the requisite regulatory approvals needed to close the transaction and begin the process of integrating the companies to realize the synergies and opportunities expected from the transaction.”

The merger would create a company with pro forma 2010 combined revenues of $6.26 billion and ownership over networks in more than 50 countries and connections to more than 70 nations.

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