"This transaction will provide Global Crossing shareholders with an attractive premium and The combined service capabilities, extensive network assets and talented employees of the two companies will create a stronger global communications competitor with compelling offerings in the marketplace," said Crowe.

John Legere, Global Crossing CEO said his holders will get "significant participation in the upside potential of a leading communications company with industry-leading scale and capabilities."

"We're looking forward to welcoming Singapore Technologies Telemedia, Global Crossing's largest shareholder, as a significant investor," said Crowe. "They are exceptionally sophisticated managers, with holdings in telecommunications and information companies in a number of countries. They know the technology and they know the industry. The breadth of their communications experience and their knowledge of international markets will be a great asset to us."

Singapore Tech Agrees

Lee Theng Kiat, president and CEO of Singapore Technologies Telemedia, the largest holder of Global Crossing, approved the deal as "an important milestone for both Global Crossing and Level 3, and a value-creating proposition for all stakeholders."