Diversified no more: internet firm and one-time Warren Buffet darling Level 3 sells coal mine
US-based Level 3 Communications, a global optic fibre network operator, this week announced that it has completed the sale of its entire coal mining business for an undisclosed amount to Ambre Energy as part of its long-term strategy to focus on core business operations.
Buffett and two other investors galvanized the Colorado-based broadband company when they bought $500 million in convertible debt in July 2002 which was billed as the legendary investor's first foray into technology. Buffet cashed out a year and a half later for a 100% profit. The Oracle of Omaha's next investment was in candy company Cadbury-Schweppes.