Lumen Closes Sale of Operations In 20 States As Carrier Sharpens Enterprise Focus
Lumen Technologies, formerly CenturyLink, has finalized the sale of its incumbent local exchange carrier (ILEC) assets in 20 states to Brightspeed, a brand-new company that launched its operations Monday.
The offload will help Lumen, which has struggled in recent years against financial headwinds, to focus its investments on growing its enterprise business through strategic IT services and accelerating adoption of the Lumen platform, the company said in a statement.
The service provider in 2021 unveiled plans to sell its ILEC business, which includes its consumer, small business, wholesale and mostly copper-served enterprise customers and assets in 20 states, to investment management firm Apollo Global Management in a deal valued at $7.5 billion.
Transaction intends to sharpen Lumen's enterprise focus, accelerate the Quantum Fiber deployment, and drive growth on the Lumen Platform
Lumen Technologies struck a $7.5 billion deal to sell some of its Incumbent Local Exchange Carrier to investment firm Apollo Global Management.
The transaction will provide Apollo Funds with a robust, scaled local network, as well as the operations and back-office support to meet the accelerating demand for high-bandwidth connectivity and fiber technology.
Assets in the 20 states being acquired include:
"We are pleased with the attractive valuation we received for these assets, which highlights the overall value of Lumen's extensive asset portfolio. Apollo Funds will receive a great business with a strong customer base, dedicated employees, and a platform for future growth."
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