M&A Deal Summary

Apollo Global Management Acquires Lumen Technologies-ILEC Business

On August 3, 2021, asset manager Apollo Global Management acquired communications company Lumen Technologies-ILEC Business from Lumen for 7.5B USD

Acquisition Highlights
  • This is Apollo Global Management’s 2nd transaction in the Communications sector.
  • This is Apollo Global Management’s 6th largest (disclosed) transaction.
  • This is Apollo Global Management’s 80th transaction in the United States.
  • This is Apollo Global Management’s 1st transaction in Louisiana.

M&A Deal Summary
Date 2021-08-03
Target Lumen Technologies-ILEC Business
Sector Communications
Buyer(s) Apollo Global Management
Sellers(s) Lumen
Deal Type Divestiture
Deal Value 7.5B USD

Target

Lumen Technologies-ILEC Business

Monroe, Louisiana, United States
Lumens' ILEC (incumbent local exchange carrier) business, includes its consumer, small business, wholesale and mostly copper-served enterprise customers and assets. Lumen Technologies-ILEC Business is based in Monroe, Louisiana.

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Buyer(S) 1

Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.

DEAL STATS #
Overall 112 of 133
Sector (Communications) 2 of 2
Type (Divestiture) 24 of 25
State (Louisiana) 1 of 1
Country (United States) 80 of 97
Year (2021) 14 of 20
Size (of disclosed) 6 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-23 The New Home

Irvine, California, United States

The New Home Co. is a new generation homebuilder focused on the design, construction, and sale of innovative and consumer-driven homes in key markets across California, Arizona, and Colorado. The Company’s range of product offerings from entry-level up through luxury homes and communities have generated significant organic growth. As homebuilders continue to consolidate amid favorable supply and demand dynamics in the U.S. housing market, this transaction is designed to give the Company greater operational and financial flexibility to scale its platform while maximizing value for shareholders. The New Home Co. was formed in 2009 and is based in Irvine, California.

Buy $338M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-25 FlexGen

Durham, North Carolina, United States

FlexGen is an integration services and software technology provider for energy storage solutions in the United States and globally. The company designs and integrates storage solutions and the software platform that is enabling today's energy transition. Leveraging its best-in-class energy management software and power electronics, FlexGen delivers utility-scale storage projects integrated with traditional and renewable power generation globally. its clients and partners include the most technically and commercially demanding developers, utilities, government agencies, and industrial companies in the world. FlexGen is based in Durham, North Carolina.

Buy -

Seller(S) 1

SELLER

Lumen

Monroe, Louisiana, United States

website

Category Company
Founded 1968
Sector Communications
Employees29,000
Revenue 17.5B USD (2022)
DESCRIPTION
CenturyLink office location in downtown St. Paul, Minnesota.
CenturyLink office location in downtown St. Paul, Minnesota.

Lumen is an integrated communications company engaged in providing an array of communications services to residential, business, governmental and wholesale customers. CenturyLink's communications services include local and long-distance, network access, private line (including special access), public access, broadband, data, managed hosting (including cloud hosting), colocation, wireless and video services. In certain local and regional markets, the Company also provides local access and fiber transport services to competitive local exchange carriers (CLECs) and security monitoring. Lumen was established in 1968 and is based in Monroe, Louisiana.

DEAL STATS #
Overall 3 of 5
Sector (Communications) 2 of 4
Type (Divestiture) 3 of 5
State (Louisiana) 1 of 2
Country (United States) 2 of 3
Year (2021) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-26 Lumen Technologies - Latin American Business

Brazil

Lumen Technologies' Latin American Business is a provider of communications services to Latin American customers.

Sell $2.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-02 Lumen - EMEA Business

London, United Kingdom

Lumen's EMEA Business consisting terrestrial and subsea networks, data-centers and network equipment. Lumen's EMEA Business is based in London, United Kingdom.

Sell $1.8B
Mergr

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