Telecom firm Lumen to sell certain U.S. assets in $7.5 bln deal

Lumen Technologies said on Tuesday it would sell some of its telecom assets to Apollo Global Management Inc in a deal valued at $7.5 billion.

Apollo Funds will acquire some of Lumen’s business in 20 U.S. 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 said.