M&A Deal Summary

Level 3 Communications Acquires Progress Telecom

On January 26, 2006, Level 3 Communications acquired communications company Progress Telecom from Progress Energy for 137M USD

Acquisition Highlights
  • This is Level 3 Communications’ 7th transaction in the Communications sector.
  • This is Level 3 Communications’ 8th largest (disclosed) transaction.
  • This is Level 3 Communications’ 8th transaction in the United States.
  • This is Level 3 Communications’ 1st transaction in Florida.

M&A Deal Summary
Date 2006-01-26
Target Progress Telecom
Sector Communications
Buyer(s) Level 3 Communications
Sellers(s) Progress Energy
Deal Type Divestiture
Deal Value 137M USD

Target

Progress Telecom

St. Petersburg, Florida, United States
Progress Telecom LLC is a regional wholesale network services company.

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Buyer(S) 1

Buyer

Level 3 Communications

Broomfield, Colorado, United States

website

Category Company
Founded 1884
Sector Communications
Employees12,500
Revenue 8.2B USD (2015)
DESCRIPTION
Level 3 Communications' corporate headquarters in Broomfield, Colorado.
Level 3 Communications' corporate headquarters in Broomfield, Colorado.

Level 3 Communications, Inc. is a provider of local, national and global communications services to enterprise, government and carrier customers. Level 3’s portfolio of managed solutions includes fiber and infrastructure solutions, IP-based voice and data communications; wide-area Ethernet services; video and content distribution; data center and cloud-based solutions. Level 3 Communications, Inc. was originally established in 1884 and is headquartered in Broomfield, Colorado.

DEAL STATS #
Overall 11 of 21
Sector (Communications) 7 of 15
Type (Divestiture) 3 of 4
State (Florida) 1 of 1
Country (United States) 8 of 15
Year (2006) 1 of 5
Size (of disclosed) 8 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-31 WilTel Communications Group

Tulsa, Oklahoma, United States

WilTel Communications Group, Inc. is a delivers a comprehensive suite of voice, data, video and IP services over a next-generation fiber-optic network.

Buy $370M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-01 TelCove

Coudersport, Pennsylvania, United States

TelCove LLC is a provider of metropolitan and regional communications services including transport, Internet access and voice services.

Buy $1.2B

Seller(S) 1

SELLER

Progress Energy

Raleigh, North Carolina, United States

website

Category Company
Founded 1925
Sector Utilities
Employees11,000
DESCRIPTION

Progress Energy is a diversified energy company with more than 24,000 megawatts of generation capacity. Energy also includes non-regulated operations covering merchant generation, energy marketing, natural gas exploration, fuel extraction, rail services and broadband capacity.

DEAL STATS #
Overall 2 of 2
Sector (Communications) 1 of 1
Type (Divestiture) 2 of 2
State (Florida) 1 of 1
Country (United States) 2 of 2
Year (2006) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-04 Progress Rail

Albertville, Alabama, United States

Progress Rail is a provider of rail and transit products and services throughout North America.

Sell $405M
Mergr

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