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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