BROOMFIELD,Telecommunications provider Level 3 Communications is acquiring Progress Telecom in a cash and stock deal worth some $137 million.

Progress Telecom, which is owned by Raleigh-based Progress Energy and Odyssey Telecorp, is a provider of wholesale network telecom services across the Southeast.

The deal calls for the purchase price to be split between stock and cash.

Progress Telecom has approximately 200 customers, the largest of which is Progress Energy.

“This transaction represents a unique opportunity to expand Level 3’s footprint in the southeastern region of the United States, where we have seen strong demand for our services,” said Kevin O’Hara, president and chief operating officer of Level 3. “More importantly, we serve a number of the same large, key customers, particularly certain wireless and international customers. We believe that the completion of this transaction will enable us to expand our relationship with these customers and offer them a broader set of services in more markets outside the southeast.”

Level 3: