It looks like Level 3 Communications (LVLT) will be acquiring TW Telecom (TWTC) for $5.7 billion in cash and stock.

The fiber and infrastructure solutions provider on Monday said the acquisition will leverage the strengths of both companies to “create a stronger, more nimble, customer service-oriented competitor to meet customers’ increasingly complex local, national and global communications.”

As part of the deal, TW Telecom stockholders will receive $10 cash and 0.7 shares of Level 3 common stock for each share of TW Telecom common stock that is owned at closing, the company said. 

“We believe this is a financially compelling and very strategic acquisition for Level 3 that will enhance our ability to continue to gain market share,” Level CEO president and CEO Jeff Storey in a prepared statement.

“The transaction provides our stockholders with meaningful immediate cash value for their investment in TW Telecom, while enabling them to participate in the substantial upside potential of the combined company,” TW Telecom chiarman and CEO Larissa Herda said in a statement.

Level 3 will also assume approximately $1.6 billion of TW Telecom’s debt.

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