Colt Technology Services (Colt) agreed to acquire Lumen's Europe, Middle East and Africa (EMEA) business for $1.8 billion. The deal extends Colt's network into additional countries, European cities, and data centers.
The transaction represents a multiple of ~11x for Lumen's EMEA business. Lumen will continue to serve multinational enterprise customers through a strategic partnership with Colt.
"We are continuing to execute on portfolio optimization at Lumen, creating additional value for our shareholders by monetizing non-strategic assets at accretive multiples," said Lumen President and CEO Jeff Storey. "This transaction would enhance our focus so we can invest more efficiently in our most strategic opportunities – our key Enterprise and Quantum Fiber initiatives – and partner with regional leaders like Colt in Europe and Cirion in Latin America to continue serving our multinational enterprise customers."
"This transaction would mark the next chapter in Colt's exciting story of global growth and world-class innovation," said Keri Gilder, CEO, Colt Technology Services. "We're deeply committed to building extraordinary connections for our people, customers and partners across our digital infrastructure. This acquisition would strengthen and extend these connections across existing and new geographies, helping us to accelerate growth and bring the power of the digital universe closer to our customers."
