Lumen closes sale of its Latin American business to Stonepeak
News Wire Feed Light Reading 8/1/2022
DENVER – 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.
- 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 Castro, as 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.
Lumen and Cirion have established a strategic relationship to serve customers in the region. It includes reciprocal reselling and network arrangements that leverage each other's extensive fiber footprints, data centers and other network assets.
Read the full press release here.
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