Market Overview

Level 3 and Global Crossing Stockholders Approve Transaction


Level 3 Communications, Inc. (NASDAQ: LVLT) and Global Crossing Limited (NASDAQ: GLBC) today announced that, at separate special meetings, stockholders of both companies voted to approve Level 3's proposed acquisition of Global Crossing. At the Global Crossing shareholders' meeting, 99.8 percent of the Global Crossing shares voting at the meeting were voted in favor of the adoption of the agreement between Global Crossing and Level 3. At the Level 3 stockholders' meeting, 99.6 percent of the Level 3 shares voting at the meeting were voted in favor of the issuance of shares of Level 3 common stock to Global Crossing shareholders, and 85.2 percent of the Level 3 shares outstanding were voted in favor of the proposal to approve the adoption of the Level 3 charter amendment.

"We are very pleased that stockholders of both companies have given their support to this transaction," said James Q. Crowe, CEO of Level 3. "We believe that the combination of our two companies will create immediate and long-term value for our stockholders and customers. We continue to work to obtain the requisite regulatory approvals needed to close the transaction and begin the process of integrating the companies to realize the synergies and opportunities expected from the transaction."

The companies continue to expect the transaction to close before the end of 2011.


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