S&P shuffles index spots, adds Level 3 Communications to S&P500 and moves Jabil Circuit

Level 3 Communications Inc. will replace Jabil Circuit Inc. on the S&P 500 pending its acquisition of TW Telecom, S&P Dow Jones Indices said Wednesday.

The $5.6 billion transaction received approval from both companies' shareholders on Tuesday and is expected to close shortly.

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Jabil Circuit, an electronic manufacturing company from St. Petersburg, Florida, will move to the S&P MidCap 400, where it will replace TW Telecom Inc. after the close of trading on Tuesday.

S&P Dow Jones, a part of McGraw Hill Financial, often updates which companies are in each index based on company size and other factors.