Short Take: Level 3 and XCOM Technologies merge

Level 3 Communications and XCOM Technologies have announced a stock-for-stock merger agreement valued at $165 million. Under the deal, Level 3 will use XCOM's proprietary technology to build a fiber-optic network based on Internet technology. Such a network has a number of key advantages over traditional phone systems, and is expected to carry 10 percent of telecommunications traffic by 2002.