Exodus Communications

( EXDS) confirmed this morning that it is buying

Global Crossing's


GlobalCenter Web

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hosting unit, for about $6.5 billion in stock. The business manages company Web sites.

The deal also includes a 10-year network services agreement that could generate about $4 billion in revenue for Global Crossing. Exodus will become the biggest Web-hosting business.

Exodus was lately traded at $52 in preopen trading on


, down from Wednesday's close at $53.25, while Global Crossing was traded at $32, up from Wednesday's close at $29.88.