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IN BRIEF / INTERNET

Level 3 Gets Approval for Genuity Acquisition

December 25, 2002|From Associated Press

The Justice Department and Federal Trade Commission have approved Level 3 Communications Inc.'s proposed acquisition of Internet backbone company Genuity Inc., which is under bankruptcy protection.

The approval was one of the closing conditions of the transaction, in which Broomfield, Colo.-based Level 3 will pay as much as $242 million in cash and assume much of Genuity's long-term operating agreements.

Genuity would operate as a separate business, still based in Woburn, Mass.

Shares of Level 3 fell 4 cents to $5.01 on Nasdaq.

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