Lumen Technologies: Lumen is selling its Latin American business to Stonepeak for $2.7 billion

Jul 28, 2021 | Posted by Abdul-Rahman Oladimeji

Lumen Technologies has announced the sale of its entire Latin American business to Stonepeak Infrastructure Partners. The sale is said to be worth $2.7 billion. Australia’s largest pension fund, AustralianSuper, is also investing funds in the deal with Stonepeak. The current leadership team of Lumen in the Latin American business will remain unchanged while Lumen will also retain a strategic relationship with the ‘New LATAM Company. Lumen will continue serving joint customers in the region through strategic relationships. The deal is expected to close in 2022.

CEO of Lumen, Jeff Storey, said the deal would help unlock value for the Company’s 
shareholders while ensuring that Lumen Technologies maintains its global presence through the agreed strategic relationship. The Companies didn’t reveal the exact infrastructures that will be changing ownership. However, the companies say the transaction involves “reciprocal reselling and network arrangements that leverage each other’s extensive fiber footprints, data centers, and other network assets.”