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U.S. businesses’ burgeoning demand for data and video is fueling a revival in fiber optic services, an industry once decimated by overbuilding during the dotcom era. The recovery is leading to a number of acquisitions as the largest telecom companies duke it out with cable operators and telecom providers such as Level 3 Communications Inc to serve corporate customers. Level 3, a Colorado-based company which narrowly avoided bankruptcy in the early 2000s, put an exclamation point on its long climb back from near death with the $5.65 billion acquisition last week of tw telecom Inc – a merger which will connect 35,000 commercial buildings nationwide to its fiber network. The acquisition of tw telecom, a joint venture between US West and Time Warner founded in 1993, wasn’t the first such fiber oriented deal and won’t be the last, analysts and industry bankers said.