Lumen Technologies has entered into an exclusive arrangement for the proposed sale of its Europe, Middle East and Africa (EMEA) business to London-based Colt Technology Services for USD1.8 billion. The envisaged transaction will involve the divestiture of Lumen’s EMEA business, including its terrestrial and subsea networks, data centres and network equipment in the region to Colt. The two parties expect the transaction to close in late 2023, upon receipt of all regulatory approvals in the US and certain countries where Colt operates, as well as the satisfaction of other customary conditions.
Lumen President and CEO Jeff Storey commented: ‘We are continuing to execute on portfolio optimisation at Lumen, creating additional value for our shareholders by monetising non-strategic assets at accretive multiples. This transaction would enhance our focus so we can invest more efficiently in our most strategic opportunities – our key Enterprise and Quantum Fiber initiatives – and partner with regional leaders like Colt in Europe and Cirion in Latin America to continue serving our multinational enterprise customers.’
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