DENVER, Nov. 1, 2023 /PRNewswire/ — Lumen Technologies (NYSE: LUMN) closed the sale of its European, Middle Eastern, and African (EMEA) business to Colt Technology Services, headquartered in London, for $1.8 billion cash. This transaction represents an attractive multiple (~11x) for Lumen’s EMEA business and delivers significant value to Lumen’s stakeholders.
“We’re excited about what this transaction does for our customers and for Lumen,” said Kate Johnson, Lumen CEO. “Our focus on building deep relationships with strategic partners allows us to simplify our business while delivering a seamless networking experience for our multinational customers. Through our strong relationship with Colt, both companies are well positioned for future growth.”
Lumen will remain a key strategic partner for Colt’s customers’ needs in North America. The Lumen network remains one of the largest, most deeply peered in the world. A small team of talented Lumen employees will continue to support operations in EMEA.
