**Editor’s Note: Please click here for a recap of the biggest channel-impacting mergers in Q3 2014.**
At the tw telecom stockholders’ meeting in Littleton, Colorado, 86.2 percent of tw telecom shares outstanding voted in favor of the $7.3 billion acquisition by Level 3. Nearly all (99.7 percent) of the Level 3 shares that voted at Level 3’s shareholder meeting in nearby Broomfield, Colorado, approved the issuance of shares of Level 3 common stock to tw telecom shareholders.
Level 3 anticipates closing the acquisition before Nov. 5, the day it has scheduled a call to discuss third-quarter earnings for Level 3 and tw telecom.
The merger is “subject to the satisfaction of remaining customary closing conditions that are contained in the merger agreement,” Level 3 said in a press release.
Federal regulators including the Federal Communications Commission and U.S. Justice Department have already approved the merger, which calls for Level 3 to pay $5.7 billion and assume tw telecom’s $1.6 billion in debt.
“In our expert opinion,” the FCC said last week in an order approving Level 3’s acquisition, “the merged entity will be a significantly stronger competitor than the two companies are separately.”
“We agree that Level 3’s scale and scope, combined with TWT’s metropolitan footprint, suggests that, post-merger, the combined entity could be a stronger competitor to the incumbent LECs and large national providers, thereby resulting in benefits for consumers,” added the FCC, which found the agreement is in the public interest.