Lumen Closes Sale of Operations In 20 States As Carrier Sharpens Enterprise Focus

10/3/2022

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.

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Transaction intends to sharpen Lumen's enterprise focus, accelerate the Quantum Fiber deployment, and drive growth on the Lumen Platform

9/14/2022

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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:

Local fiber and copper network
Broadband and voice for consumer, enterprise and wholesale customers
Fiber and copper connectivity to enabled buildings
Connectivity to tower sites
Central offices

"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."
Jeff Storey, Lumen President and CEO

Lumen will retain 16 States, while Apollo will handle 20 States.

"Our investment will help accelerate the upgrade to fiber optic technologies, and we are excited to have such a high-caliber management team ready to bring faster and more reliable internet service to many rural markets traditionally underserved by broadband providers."
Aaron Sobel, Private Equity Partner at Apollo

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Stay connected with the latest technology.

Lumen Closes Sale of Operations In 20 States As Carrier Sharpens Enterprise Focus

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.

Lumen will retain 16 States, while Apollo will handle 20 States.

Will this transaction impact you?

See if we service your location!

Browse
Articles

​Stay connected with the latest technology.

Lumen Closes Sale of Operations In 20 States As Carrier Sharpens Enterprise Focus

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.

Lumen will retain ​16 States, while Apollo will handle 20 States.

Will this transaction impact you?

​See if we service your location!

Browse​Articles

Stay connected with the latest technology.

Lumen will retain 16 States, while Apollo will handle 20 States.

See if we service your location!

Browse
Articles