Lumen Completes Sale of Consumer Fiber-to-the-Home Business to AT&T

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Lumen Completes Sale of Consumer Fiber-to-the-Home Business to AT&T

2026-02-02 19:35 Last Updated At：20:01

DENVER--(BUSINESS WIRE)--Feb 2, 2026--

Lumen Technologies (NYSE: LUMN ) today announced that it has completed the sale of its Mass Markets fiber-to-the-home business in eleven states, including Quantum Fiber, to AT&T (NYSE: T ) for $5.75 billion in cash. The sale includes substantially all of the related consumer fiber access network and customer relationships in those states, which serves more than 1 million fiber customers and reaches more than 4 million enabled fiber locations. The completed transaction is another strategic milestone in Lumen’s transformation into the leading enterprise digital networking services company built for the multi-cloud, AI-driven economy.

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“The divestiture of our consumer fiber-to-the-home business marks a pivotal moment for Lumen. We are doubling down on where we are strongest and where the opportunity is greatest for us – powering the digital infrastructure that enterprises and public sector organizations need to win in the AI era,” said Lumen CEO Kate Johnson. “With a stronger balance sheet and a clear path to sustainable growth, we are accelerating our efforts to modernize our network, scale our digital platform, and build the connected ecosystem that drives real outcomes for our customers and creates lasting value for shareholders.”

Lumen plans to apply approximately $4.8 billion of the transaction proceeds and cash on hand to retire all super priority debt, reducing the company’s interest expense by approximately $300 million annually and accelerating its transformation strategy. The completed transaction is expected to reduce the company’s debt to less than $13 billion with a net debt to adjusted EBITDA ratio of below 4x.

As part of the completed transaction, Lumen will retain assets that will continue to serve as the foundation of its enterprise transformation, including all national, regional, state, and metro level fiber backbone network infrastructure, central offices and associated real estate. In addition, Lumen is retaining and caring for its copper-based consumer services, which continue to provide a strong ongoing financial contribution to Lumen. The enterprise and wholesale fiber customers will remain with Lumen in all geographies.

Lumen also expressed its deep appreciation for Wes Gibson, who previously led Lumen’s Mass Markets business and will lead NetworkCo, as well as for the entire team of employees transitioning to AT&T and its new subsidiaries.

“We want to thank Wes and every Lumen colleague who is transferring as part of this transaction,” Johnson said. “This team built a strong business and served our customers with dedication and pride. We’re grateful for their contributions to Lumen and confident they will continue to serve the consumer market as part of the AT&T family.”

With the completed transaction, Lumen’s growth strategy is centered on a differentiated set of capabilities built for large enterprises, global hyperscalers, and public sector organizations:

Added Johnson: “These three components of our strategy – building the best physical network, a digital platform aimed at delivering ubiquitous connectivity with elegant customer experiences, and a rich, connected ecosystem of technology partners that extends our commercial reach – are how we will create value for our customers and return Lumen to growth.”

Lumen first announced its plan to sell its consumer business to AT&T on May 21, 2025.

Lumen’s management team will address the completed transaction during the company’s Q4/full-year 2025 earnings conference call on Feb. 3. In line with the company’s regular reporting practice, Lumen will provide forward-looking annual guidance, which will reflect the aforementioned asset sale impact. The conference call will be webcasted from Lumen’s Investor Relations website at ir.lumen.com.

Additional information is available here.

About Lumen Technologies

Lumen is unleashing the world's digital potential. We ignite business growth by connecting people, data, and applications – quickly, securely, and effortlessly. As the trusted network for AI, Lumen uses the scale of our network to help companies realize AI's full potential. From metro connectivity to long-haul data transport to our edge cloud, security, managed service, and digital platform capabilities, we meet our customers’ needs today and as they build for tomorrow.

For news and insights visit news.lumen.com, LinkedIn: /lumentechnologies, X: lumentechco, Facebook: /lumentechnologies, Instagram: @lumentechnologies and YouTube: /lumentechnologies. Lumen and Lumen Technologies are registered trademarks of Lumen Technologies LLC in the United States. Lumen Technologies LLC is a wholly owned affiliate of Lumen Technologies, Inc.

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding management’s expectations with respect to our business, strategy and operations as well as statements identified by words such as “estimates,” “expects,” “anticipates,” “believes,” “plans,” “intends,” “will,” and similar expressions. These forward-looking statements are not promises nor guarantees of future results, are based on our current expectations only and are subject to various risks and uncertainties, including those described in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as updated in our other filings with the U.S. Securities and Exchange Commission from time to time. Actual results may differ materially from those anticipated by us in these statements due to several factors, including those referenced in our filings with the U.S. Securities and Exchange Commission.

Groundhog Day puts Punxsutawney Phil's forecast about winter's length in the spotlight

PUNXSUTAWNEY, Pa. (AP) — It's already been a long, cold winter across much of the United States, and on Monday, Punxsutawney Phil's handlers were poised to announce whether the weather-predicting groundhog says there's more of the same to come.

When Phil is said to have seen his shadow upon emergence from a tree stump in rural Pennsylvania, that's considered a forecast for six more weeks of winter. If he doesn't see his shadow, an early spring is said to be on the way.

Tens of thousands of people were on hand at Gobbler's Knob for the annual ritual that goes back more than a century, with ties to ancient farming traditions in Europe. Punxsutawney's festivities have grown considerably since the 1993 movie “Groundhog Day,” starring Bill Murray.

Lisa Gibson was at her 10th Groundhog Day, wearing a lighted hat that resembled the tree stump from which Phil emerges shortly after daybreak.

“Oh man, it just breaks up the doldrums of winter,” said Gibson, accompanied by her husband — dressed up as Elvis Presley — and teenage daughter. “It’s like Halloween and New Year’s Eve all wrapped up into one holiday.”

Gibson, a resident of Pittsburgh, was rooting for Phil to not see his shadow and therefore predict an early start to spring.

Rick Siger, Pennsylvania’s secretary of community and economic development, said the outdoor thermometer in his vehicle read 4 degrees Fahrenheit (minus 15 degrees Celsius) on his way to Gobbler’s Knob.

“I think it’s just fun — folks having a good time,” said Siger, attending his fourth straight Groundhog Day in Punxsutawney. “It brings people together at a challenging time. It is a unifying force that showcases the best of Pennsylvania, the best of Punxsutawney, this area.”

Last year’s announcement was six more weeks of winter, by far Phil’s more common assessment and not much of a surprise during the first week of February. His top-hatted handlers in the Punxsutawney Groundhog Club insist Phil’s “groundhogese” of winks, purrs, chatters and nods are being interpreted when they relate the meteorological marmot’s muses about the days ahead.

AccuWeather’s chief long-range weather expert, meteorologist Paul Pastelok, said early Monday some clouds moved into Punxsutawney overnight, bringing flurries he called “microflakes.”

Pastelok said the coming week will remain cold, with below-average temperatures in the eastern United States.

Phil isn't the only animal being consulted for long-term weather forecasts Monday. There are formal and informal Groundhog Day events in many places in the U.S., Canada and beyond.

Groundhog Day falls on Feb. 2, the midpoint between the shortest, darkest day of the year on the winter solstice and the spring equinox. It’s a time of year that also figures in the Celtic calendar and the Christian holiday of Candlemas.

Scolforo reported from Harrisburg, Pennsylvania.