Funds managed by affiliates of Apollo Global Management, Inc. entered into a definitive agreement to acquire Incumbent Local Exchange Carrier Business in 20 States from Lumen Technologies, Inc. for $7.5 billion.
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals from the Federal Communications Commission, the U.S. Department of Justice, and applicable state regulatory agencies. As of August 22, 2022, Federal Communications Commission has approved the transaction. The transaction is expected to be roughly leverage neutral, with an expected close in the second half of 2022. As of August 22, 2022, transaction is expected to close early in the fourth quarter of 2022. Citi, Goldman Sachs, Bank of America, and Morgan Stanley served as financial advisors to Lumen in the transaction and Jones Walker served as legal counsel. Advisors to the Apollo Funds include Mizuho, LionTree, Barclays and Credit Suisse as financial advisors; Altman Solon as telecommunications, media and technology consultant; and Paul, Weiss, Rifkind, Wharton & Garrison LLP as lead legal counsel, together with Jenner & Block LLP and Morgan Lewis & Bockius LLP as regulatory counsel.