Lumen Technologies agreed to sell its Latin American business to Stonepeak, a leading alternative investment firm, for $2.7 billion.
Lumen said the sale enables greater flexibility on capital allocation, allowing for debt reduction and the continued evaluation of share repurchases.
"This transaction unlocks value for our shareholders while allowing us to maintain our global presence through our strategic relationship with the New LATAM Company," said Lumen President and CEO Jeff Storey. "This transaction allows Lumen to focus investments in key areas of the business to drive future growth while providing flexibility for our capital allocation strategy."
"Lumen's Latin American business is a market leader with a strong footprint and exciting potential for expansion," said Brian McMullen, Stonepeak Senior Managing Director. "Stonepeak has been an early and active investor in digital infrastructure globally and we are looking forward to applying our experience and additional capital to Lumen's Latin American business."
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