Level 3 to acquire Global Crossing for US$2 billion

WASHINGTON: Level 3 Communications Inc. said Monday that it is buying Global Crossing Ltd. for US$2 billion, joining two major long-distance telecommunications networks that carry massive amounts of Internet and other data traffic in the U.S. and internationally.

Both Level 3 and Global Crossing operate vast networks of optical fiber used by other telecom carriers, corporations and government agencies. The combined company's reach would extend to 70 countries on three continents.