Monday, June 5, 2006

Level 3 Buys Looking Glass Networks For $165M

Broomfield, Colorado-based Level 3 Communications is acquiring Looking Glass Networks, a provider of metropolitan transport services, the firm said today. Level 3 will pay $165M in a combination of stock and cash for Looking Glass, an Oak Brook, Illinois-based provider of SONET/SDH, Ethernet, dark fiber, and other services. The deal includes $87M in stock, $9M in cash, along with $69M in Looking Glass liabilities. The acquisition is the latest for Level 3, which just purchased Progress, ICG, and TelCove, other regional telecommunications providers.