Lumen Technologies, Inc., a technology company founded in North Louisiana, has agreed to sell a portion of its incumbent local exchange carrier (ILEC) business to Apollo Global Management, Inc. for $7.5 billion. Jones Walker partners Kenneth Najder, Britton Seal, Allison Bell, and Amy Scafidel served as legal counsel for Lumen in this significant transaction.

Under the terms of the transaction — that is expected to close in the second half of 2022 — Lumen will sell the portion of its ILEC business that primarily serves consumers and small businesses in 20 Midwestern and Southeastern states. Assets sold to Apollo include local fiber and copper network, broadband-enabled homes and businesses, fiber- and copper-fed buildings, lit towers, and central offices. The deal also contemplates that the parties will enter into several long-term commercial agreements that will enable the parties to serve their respective customers.

Lumen will retain its ILEC assets in 16 states, as well as its competitive local exchange carrier (CLEC) networks and national fiber routes as the company continues to invest in strengthening its national fiber network.

Ken Najder, a partner in the Corporate Practice Group in New Orleans, and Britt Seal, leader of the firm’s mergers and acquisitions and private equity team, served as the lead attorneys from Jones Walker. The team of Jones Walker attorneys, that worked closely with the Lumen legal team, included Allison Bell, Amy Scafidel, Brett Beter, Katie Herbert, Tim Brechtel, Ruddy Ramelli, Christopher Wappel, and Mark Cunningham.

For more details, please read the press release here.

About Jones Walker
Jones Walker LLP (joneswalker.com) is among the largest 125 law firms in the United States. With offices in Alabama, Arizona, the District of Columbia, Florida, Georgia, Louisiana, Mississippi, New York, and Texas, we serve local, regional, national, and international business interests. The firm is committed to providing a comprehensive range of legal services to major multinational, public and private corporations, Fortune® 500 companies, money center banks, worldwide insurers, and emerging companies doing business in the United States and abroad.

About Lumen
Lumen is guided by the belief that humanity is at its best when technology advances the way we live and work. With approximately 450,000 route fiber miles and serving customers in more than 60 countries, Lumen delivers the fastest, most secure platform for applications and data to help businesses, government and communities deliver amazing experiences.