BROOMFIELD, Colo. -- Level 3 Communications, Inc. (NASDAQ:LVLT) today announced that it has completed its acquisition of Broadwing Corporation (NASDAQ:BWNG) , a publicly held provider of optical network communication services.

Pursuant to the merger agreement dated October 16, 2006, Level 3 will pay consideration to Broadwing shareholders of $8.18 of cash plus 1.3411 shares of Level 3 common stock for each share of Broadwing common stock outstanding at closing. In total, Level 3 will pay approximately $744 million of cash and issue approximately 122 million shares of common stock.

"The acquisition of Broadwing benefits Level 3 in two distinct areas," said Kevin O'Hara, president and chief operating officer of Level 3. "The integration of the Broadwing backbone presents significant synergy opportunities, and the expansion of the customer base provides strategic growth opportunities for us moving forward."

Level 3 Communications Inc. (NYSE: LVLT)