Lumen Technologies, the Colorado internet giant better known by many as CenturyLink, is selling its residential business to AT&T. AT&T will gain 1 million internet customers from the $5.75 billion acquisition, the company said in a statement. It will expand its reach in metro areas in 11 states, including Denver, according to the statement.

Lumen stock is trading lower Thursday after the company announced the sale of its consumer fiber-to-the-home business.

Lumen Technologies, Inc. pivoted with a $5.75B asset sale to AT&T, debt reduction, better valuation, & AI-driven growth in fiber & cloud. Click for my LUMN update.

Ashley Haynes-Gaspar currently works at Lumen Technologies, Inc. (Louisiana), as Chief Revenue Officer & Executive Vice President from 2024. Ms. Haynes-Gaspar received her undergraduate degree from the University of Florida.

Snowflake posts better-than-expected earnings and issues guidance ahead of analysts’ estimates, while shares of Lumen Technologies soar as AT&T will buy Lumen’s mass markets fiber business for $5.75 billion.

B purchase of Lumen's (NYSE:LUMN) consumer fiber business as "a positive" and "strategically aligned." The transaction will benefit both parties as it boosts the U.S. telecom giant's fiber footprint and reduces debt and creates a leaner business structure for the smaller rival.

After the transaction, Dallas-based AT&T will own roughly 95% of Quantum Fiber, an all-fiber residential internet service.

AT&T is making major moves in the fiber cable space. The telecom giant has clinched a deal to acquire Lumen Technologies’ consumer fiber operations for $5.75 billion in cash, the companies said on Wednesday.