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Lumen inks $2.7B deal to sell its Latin America business

Lumen Technologies struck a deal to sell its Latin America business to infrastructure investment firm Stonepeak for $2.7 billion in a move to free up more cash for its growth ambitions.

The operator noted in a press release the sale price represents approximately nine times the Latin America unit’s 2020 estimated adjusted EBITDA. The deal is expected to close in the first half of 2022.

Jeff Storey, Lumen President and CEO, said in a statement the transaction will allow the company to “focus investments in key areas of the business to drive future growth while providing flexibility for our capital allocation strategy.”

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