Lumen Mergers and Acquisitions Presentation Deck
Transaction Overview
LO
5
(1)
(2)
Transaction
Valuation
Scope
Timing/Closing
Apollo to acquire Lumen's ILEC assets(¹) in 20 states for $7.5 billion
Implies ~5.5x 2020 Estimated Adjusted EBITDA (²)
Lumen to retain all non-ILEC (i.e. CLEC / IXC) assets in the 20
states and ramp its Quantum Fiber investment on the remaining
16 state footprint (³)
Anticipate closing during 2H22
Sold operations also include portion of Enterprise and Wholesale served by ILEC assets in the 20 states
Estimated Adjusted EBITDA is defined as net income before income tax (expense) benefit, total other income (expense), depreciation and amortization, share-based compensation expense, CAF and the
estimated financial impact of third-party network service agreement that will be signed between Lumen and Apollo, and other standalone costs intended to represent the ILEC Assets consistent with the
proposed sale. The Estimated Adjusted EBITDA is, therefore, not intended to represent the financial results consistent with GAAP on a standalone basis.
(3) Apollo to provide voice and broadband services over the acquired ILEC assets.
LUMENⓇ
Issued: August 3, 2021View entire presentation