FCC approves sale of Lumen’s LatAm business

8 Jul 2022

Lumen Technologies (formerly CenturyLink) has confirmed that the Federal Communications Commission (FCC) approved the previously announced sale of its Latin American business on 29 June 2022. Subject to the satisfaction of the remaining customary closing conditions, Lumen anticipates concluding the divestiture during the third quarter of 2022.

As previously reported by CommsUpdate, in July 2021 Lumen inked a definitive agreement to sell its Latin American business to New York-based alternative investment firm Stonepeak, in a deal worth USD2.735 billion. AustralianSuper, Australia’s largest pension fund, will act as a co-investor, alongside Stonepeak.

Under the terms of the purchase agreement, Lumen intends to divest its Latin American business, which will operate as an independent, US-headquartered portfolio company of Stonepeak. The assets in question were acquired by CenturyLink in 2017, as part of its buyout of Level 3. At that time the company presided over a 26,000km LatAm network footprint that spanned the likes of Argentina, Brazil, Colombia, Ecuador, Mexico, Panama and Peru.

Argentina, Brazil, Colombia, Ecuador, Mexico, Panama, Peru, Lumen Brazil (formerly Level 3/CenturyLink), Lumen Technologies (formerly CenturyLink)