Apollo Said in Talks for Over $5 Billion Deal With Lumen (2)

Apollo Global Management Inc. is in talks to acquire a portfolio of assets from communications infrastructure specialist Lumen Technologies Inc., according to people with knowledge of the matter.

The firm is in discussions to carve out Lumen’s consumer operations in certain U.S. states in a transaction valued at more than $5 billion, the people said. A deal, if completed, could be announced in coming weeks, some of the people said. Terms aren’t finalized and it’s possible talks could collapse.

An Apollo spokeswoman and a representative for Monroe, Louisiana-based Lumen declined to comment.

Lumen’s shares rose as much as 7.1% ...