Company News

Lumen to sell local incumbent carrier operations in 20 states to Apollo Funds for $7.5 billion

DENVER, Aug. 3, 2021 /PRNewswire/ — Lumen Technologies (NYSE: LUMN) today announced it has entered into a definitive agreement to sell its ILEC (incumbent local exchange carrier) business, including its consumer, small business, wholesale and mostly copper-served enterprise customers and assets, in 20 states to funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (the “Apollo Funds”) for $7.5 billion, including debt assumption of approximately $1.4 billion, and subject to working capital and various other purchase price adjustments.

Lumen Divested Map (JPG)

Full article at CISION PR Newswire – https://www.prnewswire.com/news-releases/lumen-to-sell-local-incumbent-carrier-operations-in-20-states-to-apollo-funds-for-7-5-billion-301347625.html

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