Apollo Global Management Inc. is in talks to acquire a portfolio of assets from communications infrastructure specialist Lumen Technologies Inc., according to people with knowledge of the matter.
The firm is in discussions to carve out Lumen’s consumer operations in certain U.S. states in a transaction valued at more than $5 billion, the people said. A deal, if completed, could be announced in coming weeks, some of the people said. Terms aren’t finalized and it’s possible talks could collapse.
An Apollo spokeswoman and a representative for Monroe, Louisiana-based Lumen declined to comment.
Lumen’s shares rose as much as 7.1% on news of the talks.
The company, formerly known as CenturyLink and led by Chief Executive Officer Jeff Storey, operates a fiber network spanning about 450,000 miles (724,000 kilometers) and has customers in over 60 countries. In addition to serving business and government clients, its consumer business provides internet access to suburban and rural U.S. areas.
I haven’t seen much more about the sale but here’s a little more on Apollo from their website…
As one of the world’s largest alternative investment managers, Apollo manages capital for hundreds of fund investors in dozens of countries, including some of the most sophisticated institutional allocators of capital. Pension funds, sovereign wealth funds, university endowments, charitable foundations, financial institutions, and family offices alike rely on Apollo to deliver differentiated long-term investment performance.
Fostering deep, long-lasting relationships with investors is paramount, and we believe our commitment to meet their needs is one important reason many of them are invested in multiple Apollo funds. We believe that strong investor relationships have helped to create lasting value for investors.
