Lumen Closes Sale of its Latin American Business to Stonepeak – QNT Press Release


New strategic relationship between Lumen and Cirion offers benefits for customers of both companies

DENVER, Aug. 1, 2022 /PRNewswire/ — Lumen Technologies (NYSE:LUMN) said today it has officially closed the sale of its Latin American operations to Stonepeak for $2.7 billion cash. This Latin American business is called Cirion, operating as an independent portfolio company of Stonepeak.

Key Highlights:

  • Lumen and Cirion have established a strategic relationship to serve customers of both companies in the region, who will benefit from this ongoing association.
  • The $2.7 billion transaction provides additional capital to enable Lumen to invest in key growth areas and support the company’s other capital allocation priorities, including ongoing debt paydown.
  • Stonepeak has named Lumen’s LATAM Regional President, Facundo Castroas the new CEO of Cirion and is retaining the current executive team and existing employees. Cirion has also added several new hires in recent months to the company’s executive team, all of whom bring extensive experience in the sector across the region.

Visit here for more information on today’s announcement: https://news.lumen.com/image/LATAM-Cirion-Transaction-FAQ.pdf

“This divestiture is an important step in achieving Lumen’s strategic goals as we sharpen our focus on key strategic assets while also providing our LATAM employees and customers an opportunity for continued growth,” said Jeff StoreyLumen President and CEO. “This transaction also positions our Lumen Platform for long term growth, allowing Lumen to invest in a strategic mix of assets and alliances that allows us to deliver what our customers want anywhere in the world.”

Lumen and Cirion have established a strategic relationship to serve customers in the region. It includes reciprocal reselling …

Full story available on Benzinga.com



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