FCC approves sale of Lumen assets to Brightspeed

Transaction will bring new broadband investment to 20-state region. #pressrelease

August 22, 2022

1 Min Read

DENVER – The Federal Communications Commission (FCC) has approved the previously announced sale of Lumen Technologies' (NYSE: LUMN) incumbent local exchange carrier (ILEC) business in 20 states to Brightspeed.

With this approval, the transaction has now received all final regulatory clearances needed to close. Pending other customary closing conditions, the transaction with Apollo-managed funds (NYSE: APO) is expected to close early in the fourth quarter.

Brightspeed plans to make significant investments to build an expanded fiber optics network that will bring fast, reliable internet and Wi-Fi to communities throughout the 20-state footprint it is acquiring. These plans include providing fiber facilities that are expected to reach up to three million homes and businesses over the next five years, including in many rural and suburban locations where fiber and advanced technology have not yet been deployed.

Speed Read:

  • On August 3, 2021, Lumen announced an agreement to sell its local consumer, small business, wholesale and enterprise customer ILEC operations in 20 states to Brightspeed.

  • Brightspeed will gain a robust local network, as well as the operations and back-office support to meet the accelerating demand for high-bandwidth connectivity.

  • Under the terms of the transaction, Lumen will retain its ILEC operations in 16 states, where it will continue to invest in bringing fiber broadband to more communities.

  • Lumen will also retain its national fiber routes and associated networks in all of these states, as well as its international operations.

Read the full press release here.

Lumen

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