Apollo In Talks To Acquire Lumen's Assets In An Over $5B Deal: Bloomberg

Apollo Global Management Inc APO discussed acquiring a portfolio of assets from communications infrastructure provider Lumen Technologies Inc LUMN, Bloomberg reports.
Apollo aims to acquire Lumen’s consumer operations in certain U.S. states in a transaction valued at over $5 billion.
Lumen operates a fiber network spanning about 450,000 miles. In addition to serving business and government clients, its consumer business provides internet access to suburban and rural U.S. areas.
Lumen has been actively looking at selling non-core assets to unlock value.
In May, Apollo agreed to acquire Verizon Communications Inc’s VZ media division.
Price action: LUMN shares traded lower by 0.19% at $13.43 on the last check Tuesday.