Level 3 Communications (LVLT) said today it has agreed to acquire Global Crossing Limited (GLBC) in a tax-free, stock-for-stock transaction valued at about $3 billion, including assumption of $1.1 billion in debt. Global Crossing shareholders will receive 16 Level 3 shares for each share of Global Crossing they own, a value of $23.04 per Global Crossing share based on Level 3s closing price on April 8 The combined company will operate a unique global services platform, the companies said, anchored by fiber optic networks on three continents, connected by extensive undersea facilities.