Level 3 absorbs Genuity

The assets of bankrupt network services provider Genuity Inc., Woburn, Mass., which counts as its customers the Defense Department and state agencies, are being acquired by Level 3 Communications Inc., Broomfield, Colo.

Level 3 will pay approximately $242 million for the assets of the company, which filed for bankruptcy to facilitate the sale. The deal was announced Nov. 27.

Under the terms of the proposed acquisition, Level 3 will operate Genuity as a separate business unit, while taking on some of the customers of its Tier 1 network service. On Dec. 2., the U.S. Bankruptcy Court for the Southern District of New York approved orders that will allow Genuity to conduct business as usual for all its customers, employees and suppliers.

 

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