Lumen Announces FCC Approval For Sale Of ILEC Business In 20 States To Brightspeed

(RTTNews) - Lumen Technologies (LUMN) said the Federal Communications Commission has approved the sale of Lumen Technologies' incumbent local exchange carrier business in 20 states to Brightspeed. The transaction has now received all final regulatory clearances. Lumen will retain its ILEC operations in 16 states.

Brightspeed plans to make significant investments to build an expanded fiber optics network that will bring fast internet and Wi-Fi to communities throughout the 20 states.

Lumen expects the transaction with Apollo-managed funds (APO) to close early in the fourth quarter.