(Reuters) – Telecommunications services company Level 3 Communications Inc said it would buy internet services provider tw telecom Inc for $40.86 per share in a cash and stock deal to expand its commercial fiber network in the United States. The deal, valued at about $5.64 billion based on outstanding shares as of April 30, represents a premium of 12 percent to tw telecom’s Friday closing price of $36.34 on the Nasdaq. U.S.-based tw telecom, which was founded in 1993 as a joint venture between US West and Time Warner, is one of the largest business ethernet providers in the United States, connecting more than 20,000 commercial buildings to its fiber network. Evercore was tw telecom’s financial adviser.
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