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. under the terms of the transaction, lumen will retain its ilec assets in 16 states, as well as its national fiber routes and clec (competitive local exchange carrier) networks1 as it delivers the fastest, most-secure platform for next-gen business applications and data.
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