BROOMFIELD, Colo. (AFX) - Level 3 Communications said Thursday it has agreed to sell its Software Spectrum subsidiary to Insight Enterprises for $287 million in cash.
Software Spectrum, based in Plano, Texas, is a reseller of business software and mobility solutions.
Level 3, a communications network provider, said the sale is expected to close in the third quarter subject to regulatory approval. The company said the purchase price is subject to customary working capital and other post-closing adjustments.
Tempe, Ariz.-based Insight provides information technology products and service.
Insight Chief Executive Richard Fennessy called Software Spectrum 'an excellent complement to Insight's capabilities and geographic presence.'
Insight shares fell 25 cents to close at $18.51 on the Nasdaq Stock Market. Level 3 shares fell 20 cents to close at $4.14 on Nasdaq.
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