Level 3 Completes Acquisition of tw telecom

Level 3 Communications has completed its acquisition of tw telecom. The transaction further positions the company as a global leader in the rapidly evolving business communications market.

The combined company provides enterprise, government and carrier customers around the world with one of the most comprehensive product portfolios in the industry, supported by its global network and deep metro footprint across North America.

“Level 3 is helping customers migrate to the next wave of technology,” said Jeff Storey, president and CEO of Level 3. “We know our customers’ needs are changing, and by bringing together these two great, customer-focused companies, we are taking the next step in the evolution of Level 3 and bringing us closer to realizing our vision of being the trusted connection to the networked world.

“The combination of tw telecom’s rich metro footprint with Level 3’s global network, positions the company to provide local-to-global business solutions and deliver a world-class customer experience,” Storey continued.

Powerful Competitor in the Enterprise Market
The combination of Level 3 and tw telecom:

• Enables a higher quality and more reliable on-net experience for customers doing business in North America or expanding into North America from regions such asEurope, Middle East and Africa (EMEA) and Latin America, including access to triple the number of on-net buildings.
• Provides access to the combined product portfolio, targeted at helping companies manage their growth in an efficient and secure manner.
• Addresses the ever-changing threat landscape — both companies built their networks with security and flexibility in mind.
• Boosts Level 3’s enterprise revenue in North America from approximately 65 percent to 70 percent of the region’s total revenue.
• Doubles the company’s salesforce in North America to provide excellent customer service and reach.

Transaction Details
tw telecom stockholders are receiving $10 of cash and 0.7 shares of Level 3 common stock for each share of tw telecom common stock owned. tw telecom’s common stock will cease trading on NASDAQ as of market close on Oct. 31, 2014, and will no longer be listed on NASDAQ.

Combined Company Facts

• Fiber networks with reach to North America, Latin America, EMEA and the Asia-Pacific region.
  • More than 200,000 route miles globally, including extensive undersea facilities (33,000 subsea route miles).
• Services reaching more than 60 countries across six continents.
• Approximately 30,000 buildings connected to the network in the United States.
• More than 50,000 customers worldwide.
• More than 13,000 employees globally.

Both Companies Represented on Board of Directors 

The company’s board of directors includes members of tw telecom and Level 3’s boards, including James O. Ellis, Jr. (Chairman), Jeff K. Storey, Kevin P. Chilton, Archie R. Clemins, Steven T. Clontz, Irene M. Esteves (tw telecom board), T. Michael Glenn,Spencer B. Hays (tw telecom board), Michael J. Mahoney, Kevin W. Mooney (tw telecom board), Peter Seah Lim Huat and Peter van Oppen.

Level 3 Earnings
Level 3 will report third quarter 2014 results on Wednesday, Nov. 5, 2014, and the company plans to discuss third quarter 2014 earnings results for both Level 3 and tw telecom during the call. The call will be broadcast live on Level 3’s Investor Relations website at http://investors.level3.com at 10 a.m. ET on Nov. 5.

Additional information regarding the third quarter 2014 results, including the presentation management will review on the conference call, will be available on Level 3’s Investor Relations website. Investors unable to join the call via the Web can access the call at +1 877-283-5145 (U.S. Domestic) or +1 312-281-1200 (International). Questions should be sent to [email protected].

The call will be archived and available on Level 3’s Investor Relations website or can be accessed as an audio replay starting at 2 p.m. ET on Nov 5 until 1 p.m. ET on Jan. 3, 2015. The replay can be accessed by dialing +1 800-633-8284 (U.S. Domestic) or +1 402-977-9140 (International), conference code 21738057.