The Federal Communications Commission (FCC) has approved the previously announced sale of Lumen Technologies’ incumbent local exchange carrier (ILEC) business in 20 states to funds managed by Apollo Global Management. With this approval, the transaction has now received all final regulatory clearances needed to close. Pending other customary closing conditions, the deal is expected to close early in the fourth quarter.
Previously, on 3 August 2021 Lumen announced an agreement to sell its local consumer, small business, wholesale and enterprise customer ILEC operations in 20 states to Apollo-managed funds for USD7.5 billion, including the assumption of approximately USD1.4 billion of debt. Subsequently, in November 2021 Apollo announced that the assets would be rebranded as Brightspeed post-transaction. The new company will be headquartered in Charlotte, North Carolina.