Lumen Technologies announced on Tuesday, August 3, it would sell some of its telecom assets to Apollo Global Management in a deal valued at US$7.5 billion.
Apollo Funds will acquire some of Lumen’s business in 20 US states in a deal that is expected close in the second half of 2022.
Lumen will retain its incumbent local exchange carrier assets in 16 states, as well as its national fiber routes and competitive local exchange carrier networks, the company stated.
“Our investment will help accelerate the upgrade to fiber optic technologies, … bring faster and more reliable internet service to many rural markets traditionally underserved by broadband providers,” said Aaron Sobel, private equity partner at Apollo.
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