Feds Clear Level 3’s Acquisition of Global Crossing

The U.S. Department of Justice and Federal Communications Commission has cleared Level 3 Communications’ previously announced acquisition of Global Crossing. Level 3 expects to close the $3 billion deal as early as next week. The clearance completes the process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR), and is effective immediately.

By merging the two companies data-transport services and fiber-optic networks the new entity will have fiber-optic networks in more than 50 countries across the Americas and Europe. The combined companies generated $6.26 billion in 2010 revenue.