London-based Colt Technology Services, a digital infrastructure company, has signed an agreement to purchase Lumen Technologies’ Europe, Middle East and Africa business for $1.8 billion. According to a Lumen press release, the deal includes the sale of Lumen’s EMEA terrestrial and subsea networks, data centers and network equipment.
Keri Gilder, Colt Technology Services CEO, said the purchase ushers in the next chapter of her company’s “global growth and world-class innovation.” The acquisition will bolster and expand Colt’s digital infrastructure for customers and strategic partners across current territories and new markets, she added.
Colt, which has more than 60 offices worldwide, will absorb most of Lumen’s EMEA employees. The company will also form a strategic partnership with Lumen for mutual benefit in serving EMEA-based customers.
Jeff Storey, Lumen president and CEO, said the company “has a strong interest in Colt’s success” and expects to stay as its “close business partner and key customer.”
Storey added that the Lumen EMEA divestment will boost the company’s financial position and sharpen its strategic investment focus on core businesses for long-term growth. Lumen is “continuing to execute on portfolio optimization” to create more value for shareholders through the monetization of non-strategic assets, Storey said.
