Lumen Technologies said its two major divestures will help the carrier prioritize strategic fiber investments and growing its enterprise segment, Lumen's CEO Jeff Storey and CFO Neel Dev said during its Q3 2021 earnings call.
Lumen Technologies To Drive Growth Through Two Significant Divestitures
‘We are not pleased with our revenue performance year to date and have a solid plan to improve our revenue trajectory as the economy re-opens and our new initiatives take hold,’ the service provider‘s CFO tells investors. By Gina Narcisi August 03, 2021, 06:44 PM EDT
Lumen Technologies, the company formerly known as CenturyLink, confirmed Tuesday plans to divest itself of two parts of its business as it faces some financial headwinds.
The service provider said it’s selling its incumbent local exchange carrier (ILEC) business, which includes its consumer, small business, wholesale and mostly copper-served enterprise customers and assets in 20 states to investment management firm Apollo Global Management in a $7.5 billion deal. The deal tops earlier reports that Lumen was planning to offload its consumer operations in a $5 billion deal that emerged in July.