DENVER, Nov. 1, 2023
/PRNewswire/ -- Lumen Technologies (NYSE: LUMN) closed the sale of
its European, Middle Eastern, and African (EMEA) business to Colt
Technology Services, headquartered in London, for $1.8 billion cash. This
transaction represents an attractive multiple (~11x) for Lumen's
EMEA business and delivers significant value to Lumen's
stakeholders.
"We're excited about what this transaction does for our
customers and for Lumen," said Kate
Johnson, Lumen CEO. "Our focus on building deep
relationships with strategic partners allows us to simplify
our business while delivering a seamless networking experience for
our multinational customers. Through our strong relationship with
Colt, both companies are well positioned for future
growth."
Lumen will remain a key strategic partner for Colt's customers'
needs in North America. The Lumen network remains one of the
largest, most deeply peered in the world. A small team of talented
Lumen employees will continue to support operations in EMEA.
Visit here for more information on today's
announcement.
Additional Resources:
- Lumen Enters into Agreement Regarding Divestiture of EMEA
Business to Colt Technology Services for $1.8B Nov. 2, 2022
News Release
About Lumen Technologies:
Lumen connects the world. We
are igniting business growth by connecting people, data, and
applications – quickly, securely, and effortlessly. Everything we
do at Lumen takes advantage of our network strength. From metro
connectivity to long-haul data transport to our edge cloud,
security, and managed service capabilities, we meet our customers'
needs today and as they build for tomorrow. For news and insights
visit news.lumen.com, LinkedIn: /lumentechnologies, Twitter:
@lumentechco, Facebook: /lumentechnologies, Instagram:
@lumentechnologies, and YouTube: /lumentechnologies.
Forward Looking Statements:
Except for historical and
factual information, the matters set forth in this release include
forward-looking statements (as defined by the federal securities
laws), which are subject to the "safe harbor" protections
thereunder. These forward-looking statements are not guarantees of
future results and are based on current expectations only, are
inherently speculative, and are subject to a number of assumptions,
risks and uncertainties, many of which are beyond our control.
Actual events and results may differ materially from those
anticipated, estimated, projected or implied by us in those
statements. Factors that could affect actual results include, but
are not limited to, the possibility that the anticipated benefits
from the transaction and strategic relationship will not be fully
realized in the manner contemplated; the possibility that it may be
more difficult than anticipated to segregate our divested business
from our other businesses; the possibility that our aggregate net
after-tax transaction proceeds may be less than anticipated; and
other risks referenced from time to time in our filings with the
U.S. Securities and Exchange Commission. We undertake no obligation
to publicly update or revise for any reason any of our
forward-looking statements, which speak only as of the date
made.
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SOURCE Lumen Technologies