Stonepeak completed the acquisition of the Latin American business of Lumen for $2.7bn.

Stonepeak, an alternative investment firm, completed the acquisition of the Latin American business of Lumen Technologies, a telecommunications company, for $2.7bn. AustralianSuper, Australia's pension fund, invested alongside Stonepeak in the transaction. "This transaction unlocks value for our shareholders while allowing us to maintain our global presence through our strategic relationship with the New LATAM Company. This transaction allows Lumen to focus investments in key areas of the business to drive future growth while providing flexibility for our capital allocation strategy," Jeff Storey, Lumen President and CEO.