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)
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