Lumen Technologies stock rises after $2.7 billion deal to sell Latin America business

Shares of Lumen Technologies Inc. LUMN, got a 1.7% assistance successful premarket trading Monday, aft the supplier of integrated communications services to residential and concern customers announced a woody to merchantability its Latin America concern for $2.7 cardinal to concern steadfast Stonepeak. The institution said the enactment squad of the Latin America concern volition stay successful spot aft the deal, and Lumen volition stay a strategical narration with the caller company. "This transaction unlocks worth for our shareholders portion allowing america to support our planetary beingness done our strategical narration with the New LATAM Company," said Chief Executive Jeff Storey. The institution said the proceeds supply further superior to let it to accelerate investments successful maturation areas. Lumen shares person rallied 29.5% twelvemonth to day done Friday, portion the S&P 500 SPX, +1.01% has gained 17.5%.