Stonepeak To Acquire Lumen's Latin American Business For $2.7B

July 26, 2021 8:12 AM | 1 min read |

Lumen Technologies Inc LUMN agreed to sell its Latin American business to investment firm Stonepeak for $2.7 billion.
The business will operate as an independent, U.S. headquartered portfolio company of Stonepeak.
The current leadership team and organization will remain in place, led by Hector Alonso, Lumen's President for the region.
Lumen will also retain a strategic relationship with the new company.
The transaction is likely to close in the first half of 2022.
This transaction allows Lumen to focus investments in crucial business areas to drive future growth while providing flexibility for its capital allocation strategy, Lumen CEO Jeff Storey.
Price action: LUMN shares traded higher by 4.12% at $13.50 in the premarket session on the last check Monday.