Lumen to Sell Assets in 20 States to Apollo for $6.1 Billion (1)

Lumen Technologies Inc., a phone company known as CenturyLink until a name change last September, agreed to sell a portfolio of U.S. assets to Apollo Global Management Inc. for about $6.1 billion.

The sale includes telephone and broadband assets that serve 6 million residential and business customers across 20 states, largely in the South and Midwest, the company said Tuesday. Including assumed debt, the value is about $7.5 billion. Bloomberg News reported the pending sale on July 13, citing people familiar with the talks.

The deal, the company’s second asset sale in as many weeks, will “put pressure” on ...