Benzinga | Jul 26, 2021 08:12AM EDT

Stonepeak To Acquire Lumen's Latin American Business For $2.7B

* Lumen Technologies Inc (NYSE:LUMN) agreed to sell its Latin American business to investment firm Stonepeak for $2.7 billion.

* The business will operate as an independent, U.S. headquartered portfolio company of Stonepeak.

* The current leadership team and organization will remain in place, led by Hector Alonso, Lumen's President for the region.

* Lumen will also retain a strategic relationship with the new company.

* The transaction is likely to close in the first half of 2022.

* This transaction allows Lumen to focus investments in crucial business areas to drive future growth while providing flexibility for its capital allocation strategy, Lumen CEO Jeff Storey.

* Price action: LUMN shares traded higher by 4.12% at $13.50 in the premarket session on the last check Monday.