BROOMFIELD, Colo.—Level 3, an international communications company, completed its acquisition of Progress Telecom, L.L.C., a regional wholesale network services company based in St. Petersburg, Fla.
By the terms of the agreement signed on Jan. 25, Level 3 paid about 19.7 million unregistered shares of its common stock and $68.5 million in cash.
The transaction expands Level 3’s footprint in the southeastern United States and allows it to offer a broader set of services in a greater number of markets. Progress Telecom’s network included 29 metro-area networks, and connects to international cable landings in south Florida and 31 mobile switching centers in the southeast. The company served about 200 customers, including international and wireless carriers.
Level 3 operates Internet backbones and provides wholesale dial-up service to Internet service providers in North America, as well as Internet connectivity for broadband subscribers through its cable and DSL partners.
