Benzinga | Jul 13, 2021 02:39PM EDT

Apollo In Talks To Acquire Lumen's Assets In An Over $5B Deal: Bloomberg

* Apollo Global Management Inc (NYSE:APO) discussed acquiring a portfolio of assets from communications infrastructure provider Lumen Technologies Inc (NYSE:LUMN), Bloomberg reports.

* Apollo aims to acquire Lumen's consumer operations in certain U.S. states in a transaction valued at over $5 billion.

* Lumen operates a fiber network spanning about 450,000 miles. In addition to serving business and government clients, its consumer business provides internet access to suburban and rural U.S. areas.

* Lumen has been actively looking at selling non-core assets to unlock value.

* In May, Apollo agreed to acquire Verizon Communications Inc's (NYSE:VZ) media division.

* Price action: LUMN shares traded lower by 0.19% at $13.43 on the last check Tuesday.