Sunday, June 4, 2006

Level 3 to Acquire Looking Glass for its Metro Networks

Level 3 Communications agreed to acquire Looking Glass Networks, Inc., a privately held facilities-based provider of metropolitan transport services, for $165 million. The deal includes $87 million in unregistered shares of Level 3 common stock and $9 million in cash. At closing, Level 3 will also pay Looking Glass liabilities of approximately $69 million.

Looking Glass, based in Oak Brook, Illinois, provides data transport services including SONET/SDH, Wavelength and Ethernet as well as dark fiber and carrier-neutral colocation. Looking Glass' network includes approximately 2,000 route miles serving 14 major metro markets, with lit fiber connectivity to approximately 215 buildings. Looking Glass also has dark fiber connectivity to approximately 250 additional buildings.

The acquisition of Progress and ICG, and after close, of TelCove and Looking Glass will increase the number of traffic aggregation points directly connected to Level 3 fiber to approximately 5,100 in the U.S. and approximately 5,300 globally.


See also