Level 3 to Acquire Genuity Assets

Deal expected to close in the first quarter 2003

November 27, 2002

1 Min Read

BROOMFIELD, Colo. -- Level 3 Communications, Inc. (Nasdaq:LVLT) and Genuity Inc. (Nasdaq:GENU) announced today that they have signed a definitive agreement under which Level 3 will acquire substantially all of the assets of the Massachusetts-based communications company.

Level 3 will pay up to $242 million in cash and assume a significant portion of existing long-term operating agreements to acquire Genuity's assets and operations. To facilitate the transaction, Genuity today is filing voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code. Level 3's cash consideration at closing could be reduced subject to certain material adjustments.

Closing expected first quarter 2003.

Level 3 Communications Inc.

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