Lumen Technologies: Closer Than Ever to a $10.2 Billion Windfall
One year ago, Lumen Technologies (NYSE: LUMN) announced a $2.7 billion deal to sell its Latin American operations to alternative investment firm Stonepeak. Just a week later, it signed an even bigger deal, agreeing to sell its traditional telecom business in 20 states to affiliates of Apollo Global for $7.5 billion.
Recently, both of these proposed asset sales achieved key regulatory milestones. That puts Lumen on track to receive a massive cash infusion over the next few months.
During Lumen's first-quarter earnings call two months ago, CEO Jeff Storey said that the Stonepeak deal was on track to close in the early part of the third quarter -- perhaps as soon as July 1.
Source Fool.com
