UPDATE 1-Level 3 to buy Global Crossing for $1.9 bln in stock

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April 11 (Reuters) – Internet infrastructure provider Level
3 Communications Inc said it plans to buy smaller rival
Global Crossing Ltd for about $1.9 billion in a stock
deal.

Global Crossing shareholders will receive 16 shares of Level
3 common stock for each share held.

The deal values Global Crossing at $23.04 a share or, $3
billion, including assumption of about $1.1 billion of debt,
Level 3 said in a statement.

Shares of Global Crossing, which closed at $14.80 on Friday
on Nasdaq, were up 52 percent at $22.51 in trading before the
bell on Monday.
(Reporting by Sayantani Ghosh in Bangalore; Editing by
Gopakumar Warrier)

UPDATE 1-Level 3 to buy Global Crossing for $1.9 bln in stock