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Telecom giant AT&T (T 0.83%) doubled down on its fiber internet strategy on Wednesday with a $5.75 billion deal to acquire Lumen's Mass Markets fiber business. The acquisition will come with approximately 1 million fiber subscribers and 4 million passed locations, expanding AT&T's fiber presence in Denver, Las Vegas, Orlando, Seattle, and other major metro areas.
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Benefiting from strong demand for their wireless and broadband services, AT&T (T) and Verizon (VZ) stock have provided a pleasant hedge against market volatility this year.
AT&T is spending $5.75 billion to buy Lumen's consumer fiber business. Why? Find out in this interview with AT&T CEO John Stankey.
AT&T CEO John Stankey discusses the company's plans to buy the consumer fiber operations of Lumen Technologies for $5.75 billion. Stankey joins Caroline Hyde and Ed Ludlow on "Bloomberg Technology.
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Lumen's $5.75B fiber asset sale to AT&T is a strategic move to reduce debt and strengthen its balance sheet, driving positive market reaction. The deal positions Lumen to pivot toward next-gen digital services, leveraging its advanced network capabilities for AI, cloud, and security demands. With a $15B total addressable market and strong partnerships, Lumen is well-placed to serve hyperscalers and capitalize on AI-driven network growth.
AT&T Inc (NYSE:T, ETR:SOBA) has agreed to acquire Lumen Technologies' Mass Markets fiber business for $5.75 billion in an all-cash transaction, significantly expanding its fiber network footprint. Lumen's fiber business currently serves about 1 million fiber customers and reaches across 4 million fiber locations across 11 US states, including major cities such as Denver, Las Vegas, Minneapolis, Phoenix, Portland, Salt Lake City, and Seattle.
Lumen Technologies agrees to sell its consumer fiber-optic internet business to telecommunication giant AT&T in a $5.75 billion cash deal. Lumen CEO Kate Johnson joins Julie Hyman and Brad Smith on Catalysts to talk more about the deal and how it's allowing Lumen to focus more on its enterprise business, particularly in its ability to scale and AI.
AT&T agreed to buy the consumer fiber operations of Lumen Technologies for $5.75 billion. Chris Palmeri has more on "Bloomberg Open Interest.