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July 26, 2021, 7:21 a.m. EDT

Lumen Technologies stock rises after $2.7 billion deal to sell Latin America business

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By Tomi Kilgore

Shares of Lumen Technologies Inc. /zigman2/quotes/200067545/composite LUMN +1.57% got a 1.7% lift in premarket trading Monday, after the provider of integrated communications services to residential and business customers announced a deal to sell its Latin America business for $2.7 billion to investment firm Stonepeak. The company said the leadership team of the Latin America business will remain in place after the deal, and Lumen will remain a strategic relationship with the new company. "This transaction unlocks value for our shareholders while allowing us to maintain our global presence through our strategic relationship with the New LATAM Company," said Chief Executive Jeff Storey. The company said the proceeds provide additional capital to allow it to accelerate investments in growth areas. Lumen shares have rallied 29.5% year to date through Friday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.91% has gained 17.5%.

/zigman2/quotes/200067545/composite
US : U.S.: NYSE
$ 12.94
+0.20 +1.57%
Volume: 20.85M
Sept. 17, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
7.73%
Market Cap
$14.30 billion
Rev. per Employee
$531,077
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/zigman2/quotes/210599714/realtime
US : S&P US
4,432.99
-40.76 -0.91%
Volume: 3.79B
Sept. 17, 2021 5:25p
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