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A new strategic relationship between Lumen and Cirion will provide benefits to both companies’ customers
Denver, August 1, 2022 /PRNewswire/ — Lumen Technologies (NYSE: LUMN) announced today that it has officially closed the sale of its Latin American operations to Stonepeak. 2.7 billion dollars Cash. This Latin American business is called Sirion, an independent Stonepeak portfolio company.
Key highlights
- Lumen and Cirion have established a strategic relationship to serve the customers of both companies in the region, who will benefit from this continued association.
- of 2.7 billion dollars The transaction will provide Lumen with additional capital to invest in key growth areas and support the Company’s other capital allocation priorities, including continued debt repayment.
- Stonepeak Names Lumen LATAM Regional President Facundo CastroAs Sirion’s new CEO, he is looking after the current executive team and existing employees. Sirion has added several new employees to the company’s executive team in recent months, all of whom bring extensive experience in the sector to the region.
For more information about today’s announcement, visit: https://news.lumen.com/image/LATAM-Cirion-Transaction-FAQ.pdf
“This separation is an important step in achieving Lumen’s strategic goals while increasing our focus on key strategic assets while providing opportunities for continued growth for our LATAM employees and customers,” he said. Jeff Storey, Lumen President and CEO. “This transaction positions our Lumen Platform for long-term growth, allowing Lumen to invest in a strategic asset mix and combination that will enable us to deliver what our customers need anywhere in the world.”
Lumen and Cirion have established a strategic relationship to serve customers in the region. It includes cross-selling and networking arrangements that complement each other’s extensive fiber footprints, data centers and other network assets.
“We share Jeff’s excitement at the opportunity to join Sirion. Latin AmericaGiven the platform’s strong footprint and demand, it will continue to expand its fiber and data center network across the region,” he said. Andrew Thomas, Stonepeak Managing Director and Associate Head of Communications. “We are pleased to partner with Sirion Group and apply our experience as active investors in global digital infrastructure to achieve sustainable long-term growth.”
Additional Resources:
About Lumen Technologies and Lumen People:
As technology improves the way we live and work, Lumen is guided by our belief that humanity is at its best. With approximately 450,000 miles of road fiber and serving customers in more than 60 countries, we provide the fastest and most secure applications and data platform to help businesses, government and communities deliver amazing experiences. Learn more about Lumen’s network, edge cloud, security, communication and collaboration solutions and our mission to advance humanity through technology at news.lumen.com/home, LinkedIn: /lumentechnologies, Twitter: @lumentechco, Facebook: /lumentechnologies, Instagram @lumenttechnologies and YouTube: /lumenttechnologies. Lumen and Lumen Technologies are registered trademarks in the United States.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets. 49.3 billion dollars Assets under management. Through its global investments in defensive, hard-asset businesses, Stopek aims to create value for its investors and portfolio companies and to positively impact the communities in which it operates. Stonepeak focuses on investment vehicles in private equity and credit. The organization provides capital, operational support and committed partnerships in target sectors that include communications, energy transition, transport and logistics, and social infrastructure. It’s in the Stonepeak headquarters. new york with offices in Austin, hong kong, Houston, London And Sydney. For more information, please visit www.stonepeak.com.
About Cirion
Sirion is a leading digital infrastructure and technology provider, providing comprehensive fiber networks, connectivity, colocation, cloud infrastructure, and connectivity and collaboration solutions to drive Latin America’s growth in technology. Sirius serves more than 6,400 Latin AmericaEnterprises, government agencies, cloud service providers, wireline and wireless service providers, ISPs and other leading businesses – both established and multinational customers. Sirion owns and operates a facility-based network and data center portfolio, with extensive coverage Latin America Range. Learn more about Cirion at www.ciriontechnologies.com
Forward-looking statements
Except for the historical and factual information contained herein, the matters described in this press release, including the expected transaction proceeds and the benefits of the transaction and the collaboration and other statements identified by words such as “estimates” “expected”. “Projects”, “plans”, “plans”, “permits” and similar expressions are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Amendment Act of 1995. Subject to many risks, uncertainties and assumptions, many of which are beyond our control. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, actual events and results could differ materially from those anticipated, projected or anticipated. Factors that could affect actual results include, but are not limited to, the following: the possibility that the expected benefits of transactions and settlements may not be fully realized as anticipated; It may be more difficult than expected to separate the Company’s Latin American business from other businesses, the possibility that the Company may be required to pay higher than expected tax payments, make unexpected payments under transaction agreements or receive less than expected net cash, due to the Company’s financial needs, financial position or business, operating or financial conditions. Changes in plans; Competition results from various different competing suppliers; Buyer’s ability to successfully maintain the quality and profitability of its product and service offerings and to introduce new offerings in a timely and cost-effective manner; and other risk factors and cautionary statements from time to time in the Company’s reports to the US Securities and Exchange Commission. New circumstances may arise from time to time and we cannot identify all of these factors or predict the impact of each factor on transactions and combinations. You should not place undue reliance on forward-looking statements that speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation and expressly disclaims any obligation to publicly update any forward-looking statements as a result of new information, future events or otherwise.
Source Lumen Technologies
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