Lumen Technologies Lines Up a Big Asset Sale
Recently, Lumen Technologies' (NYSE: LUMN) management indicated a strong interest in consummating strategic asset sales to accelerate its debt reduction efforts. Earlier this month, a Bloomberg report indicated that Lumen was negotiating the possible sale of a significant part of its domestic consumer operations to Apollo Global for upwards of $5 billion.
On Monday, Lumen did announce a big asset sale agreement. However, it wasn't the asset sale most investors were expecting. Let's take a look.
Alternative investment firm Stonepeak has agreed to buy Lumen's Latin American business for $2.7 billion. Australia's largest pension fund will also participate in the investment. Today, Lumen's footprint in the region includes subsea and terrestrial fiber as well as a network of data centers.
Source Fool.com
