Level 3 Communications Inc. today transferred its common stock listing to the New York Stock Exchange after completing its one-for-15 reverse stock split.
Executives of the Broomfield-headquartered telecommunications company rang the opening bell on the NYSE, where it is listed under its Nasdaq stock symbol of LVLT.
On Oct. 5, Level 3 acquired Global Crossing of Florham, N.J., in a $2 billion deal. As part of that transaction, Global Crossing shareholders are receiving 15 shares of Level 3 for every share of Global Crossing that they own.
“The NYSE has been an important customer of ours for a number of years and as both organizations expand their global reach, this is a natural and mutually beneficial step for both of us,” said Sunit Patel, Level 3’s executive vice president and chief financial officer of Level 3.
“Our acquisition of Global Crossing enables us to serve the NYSE more broadly over our expanded global footprint,” Patel said. “At the same time, the international reach of their platform helps us grow our global investor base.”
Ann Schrader: 303-954-1967 or aschrader@denverpost.com.
