Lumen Technologies completed the sale of its facilities-based incumbent local exchange carrier (ILEC) operations in 20 primarily Midwestern and Southeastern states to Connect Holding LLC and affiliates operating as Brightspeed on October 3, 2022. The transaction carried $7.5 billion of total consideration, but it was not a $7.5 billion all-cash sale and did not transfer Lumen’s entire network. Lumen retained ILEC operations in 16 states and its broader enterprise and wholesale infrastructure.
What Lumen sold
The transaction covered Lumen’s facilities-based ILEC business: the local access operations serving consumers, small businesses, wholesale customers and mostly copper-served enterprise customers in 20 states. The assets included local copper and fiber facilities, customer relationships and related operating functions. The official closing announcement describes the footprint by region rather than providing a complete state-by-state list.
The legal buyer was Connect Holding LLC and its affiliates, which launched and operated under the Brightspeed brand. Apollo Global Management-backed funds financed the acquisition; Apollo did not acquire Lumen Technologies as a corporate entity. Lumen’s closing announcement and the SEC Form 8-K document the structure.
How much was the transaction worth?
The headline value was $7.5 billion of consideration. That figure combined cash, assumed debt and closing adjustments, so it should not be described as cash proceeds to Lumen.
#1 Best Overall
- Multi‑Gig speed for today & tomorrow: DOCSIS 3.1 performance supports cable internet plans up to 2 Gbps, delivering ultra‑fast streaming, gaming, and downloads.
- Save on rental fees: Own your modem and avoid monthly equipment charges—check with your cable provider for plan compatibility.
- Compact, modern design: Space‑saving footprint with discrete LED indicators for power, upstream/downstream, and online status.
- Easy setup: Connect cable, power on, and activate with your cable provider. Then connect a Wi‑Fi router to the Ethernet port for home Wi-Fi coverage.
- Modem only: This cable modem requires a separate Wi-Fi router or mesh system for home Wi-Fi network.
| Measure | Amount and qualification |
|---|---|
| Headline consideration | $7.5 billion |
| Debt assumed | About $1.4 billion in the 2021 announcement; about $1.5 billion in Lumen’s closing and annual-report disclosures |
| Closing adjustments | Approximately $400 million reduction |
| Lumen’s reported proceeds | Approximately $5.6 billion in pre-tax cash proceeds |
The final economics, including post-closing adjustments and indemnities, are described in Lumen’s 2022 Form 10-K. The difference between the original debt estimate and the final disclosure is why the announcement and closing figures should be kept separate.
Why Lumen divested the local carrier business
Lumen said the sale would simplify its portfolio and sharpen its emphasis on enterprise networking, wholesale services and its Lumen Platform. It also said the proceeds would provide financial flexibility and support Quantum Fiber deployment in the states that remained with Lumen.
Rank #2
- ⚠️ CABLE INTERNET ONLY - NOT COMPATIBLE WITH: Fiber (Verizon FiOS, AT&T), DSL, Satellite, or Fixed Wireless. ONLY works with cable providers like Xfinity, Spectrum, Cox. Verify your internet type BEFORE purchase.
- 🚫 NO WiFi INCLUDED - ROUTER REQUIRED: This is a modem ONLY. You MUST buy a separate WiFi router to get wireless internet. Without a router, only ONE device can connect via Ethernet cable. This does NOT replace your current WiFi router.
- 🔌 CABLE INTERNET REQUIRED: Works EXCLUSIVELY with cable internet service (DOCSIS) from providers like Xfinity, Spectrum, or Cox. Will NOT work with fiber (Verizon FiOS, AT&T), DSL, satellite, or fixed wireless internet. Contact your ISP to confirm compatibility BEFORE purchasing.
- 🚀 MULTI-GIG PERFORMANCE: Supports internet plans up to 2.5 Gbps with 2.5 Gbps Ethernet port. Designed for plans 1 Gbps and faster from certified providers: Xfinity (up to 2.33 Gbps), Spectrum (1 Gbps), Cox (2 Gbps). Verify your plan speed and provider compatibility.
- 💡 SETUP REQUIREMENTS: You need: (1) Cable internet service, (2) Separate WiFi router with 2.5 Gbps port for full speeds, (3) ISP activation. This modem cannot create WiFi networks or connect multiple devices without additional equipment.
The asset mix helps explain the strategy. The divested business contained extensive local-market access operations and legacy copper facilities, while Lumen continued to own broader long-haul, metro, fiber, cloud and digital-networking assets used to serve enterprise and wholesale customers. That was a portfolio shift, not proof that the enterprise strategy had already delivered a particular financial result.
What Lumen retained at closing
- ILEC assets in 16 states.
- Enterprise-oriented network and wholesale capabilities outside the divested footprint.
- Fiber infrastructure and other assets supporting its enterprise strategy.
- A plan to continue Quantum Fiber deployment in retained markets.
“Retained its enterprise network” should therefore be read as a qualified description: Lumen kept important backbone and enterprise infrastructure, but not every local facility, customer or operation connected with the sold footprint.
Quick wins for a faster PC:
Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Rank #3
- 𝐅𝐮𝐭𝐮𝐫𝐞-𝐑𝐞𝐚𝐝𝐲 𝐖𝐢-𝐅𝐢 𝟕 - Designed with the latest Wi-Fi 7 technology, featuring Multi-Link Operation (MLO), Multi-RUs, and 4K-QAM. Achieve optimized performance on latest WiFi 7 laptops and devices, like the iPhone 16 Pro, and Samsung Galaxy S24 Ultra.
- 𝟔-𝐒𝐭𝐫𝐞𝐚𝐦, 𝐃𝐮𝐚𝐥-𝐁𝐚𝐧𝐝 𝐖𝐢-𝐅𝐢 𝐰𝐢𝐭𝐡 𝟔.𝟓 𝐆𝐛𝐩𝐬 𝐓𝐨𝐭𝐚𝐥 𝐁𝐚𝐧𝐝𝐰𝐢𝐝𝐭𝐡 - Achieve full speeds of up to 5764 Mbps on the 5GHz band and 688 Mbps on the 2.4 GHz band with 6 streams. Enjoy seamless 4K/8K streaming, AR/VR gaming, and incredibly fast downloads/uploads.
- 𝐖𝐢𝐝𝐞 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 𝐰𝐢𝐭𝐡 𝐒𝐭𝐫𝐨𝐧𝐠 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐨𝐧 - Get up to 2,400 sq. ft. max coverage for up to 90 devices at a time. 6x high performance antennas and Beamforming technology, ensures reliable connections for remote workers, gamers, students, and more.
- 𝐔𝐥𝐭𝐫𝐚-𝐅𝐚𝐬𝐭 𝟐.𝟓 𝐆𝐛𝐩𝐬 𝐖𝐢𝐫𝐞𝐝 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 - 1x 2.5 Gbps WAN/LAN port, 1x 2.5 Gbps LAN port and 3x 1 Gbps LAN ports offer high-speed data transmissions.³ Integrate with a multi-gig modem for gigplus internet.
- 𝐎𝐮𝐫 𝐂𝐲𝐛𝐞𝐫𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐂𝐨𝐦𝐦𝐢𝐭𝐦𝐞𝐧𝐭 - TP-Link is a signatory of the U.S. Cybersecurity and Infrastructure Security Agency’s (CISA) Secure-by-Design pledge. This device is designed, built, and maintained, with advanced security as a core requirement.
What Brightspeed acquired and planned to do
Brightspeed began operating as a new company at closing, inheriting residential, small-business, wholesale and enterprise relationships along with copper and fiber access networks. Its stated service scope included internet and voice products. Brightspeed also announced large-scale fiber investment across the acquired territory; those were investment plans, not evidence that every location had already been upgraded. Its launch announcement is available from PR Newswire.
Operational separation
Separating a local carrier from a national network company required more than changing a name. Lumen and Brightspeed entered commercial and transition arrangements covering functions such as systems, network operations, billing, customer support and other continuity needs. Customers moved into Brightspeed’s ownership and operating footprint, but the timing of branding, billing and service changes could vary by market; the closing date alone does not establish that every customer saw an immediate change.
Rank #4
- MAXIMIZE YOUR CABLE HOME INTERNET: This mid/high-split DOCSIS 3.1 cable modem unlocks faster download and upload speeds for gaming, video conferencing, and large file uploads. Pair with any WiFi router or mesh system for wireless connectivity throughout your home.
- APPROVED FOR YOUR PROVIDER AND PLAN: Works with Xfinity, Spectrum, Cox, and most US cable providers on plans up to 2 Gbps. Confirm mid-split availability with your provider. Not compatible with fiber or bundled voice.
- MULTI-GIG SPEEDS FOR YOUR CONNECTED HOME: Brings the bandwidth your router needs to keep phones, laptops, smart TVs, cameras, and smart home devices running smoothly. Real-world speeds depend on your cable plan, ISP network, and paired router.
- FUTURE-PROOF YOUR HOME NETWORK: The 2.5 Gig Ethernet port connects your router for the fastest speeds in your area. Combine the two 1 Gig ports on a compatible router for speeds up to 2 Gbps. Ready for today's multi-gig plans and tomorrow's speed upgrades.
- SET UP AND MANAGE YOUR NETWORK WITH THE FREE NIGHTHAWK APP: Download the Nighthawk app on iOS or Android to get connected and manage your network from anywhere. Internet must be active before setup. Browser setup and setup video available on this page
Regulatory approval
The Federal Communications Commission approved the transaction before it closed. The FCC described it as the sale of Lumen’s ILEC business in 20 states to Brightspeed. Brightspeed said the approval supported its plan to invest in fiber across the footprint. State-specific service-quality, carrier-of-last-resort and other regulatory requirements can differ, so no single obligation should be assumed to apply identically in all 20 states. Lumen’s FCC announcement records the approval.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Trade-offs for each company
For Lumen
- Potential advantages: a smaller local-access footprint, less separation between local-carrier and enterprise priorities, cash for balance-sheet management and investment, and a more concentrated enterprise strategy.
- Costs and risks: loss of local-market customers and revenue, separation complexity, less consumer and small-business reach, and reliance on future enterprise growth to replace the divested base.
For Brightspeed
- Potential advantages: an established ILEC footprint, existing customer relationships, and a platform for fiber upgrades and market expansion.
- Costs and risks: copper maintenance, declining traditional voice economics, heavy fiber capital needs, complex systems and workforce integration, and compliance with applicable state and federal requirements.
What happened after the Brightspeed deal?
The 2022 transaction was one step in Lumen’s longer portfolio change. In May 2025, Lumen agreed to sell its mass-market fiber-to-the-home business in 11 states, including Quantum Fiber, to AT&T for $5.75 billion. That separate transaction closed on February 2, 2026. It involved a different buyer and different assets; it should not be confused with Brightspeed’s 2022 purchase. Lumen’s later announcement also describes the backbone, central-office and related infrastructure it retained after the AT&T sale: Lumen’s February 2026 release.
Quick Recap
Best Value
- FASTEST DOCSIS 3.1 SPEEDS WITH MID/HIGH-SPLIT: Revolutionary mid/high-split technology delivers up to 2.5Gbps download and 1Gbps upload, unlocking your provider's fastest tiers such as Xfinity Gigabit+ and its faster upstream, far beyond what standard cable modems reach.
- STRONG PERFORMANCE ON XFINITY, SPECTRUM & COX: Works with all major U.S. cable internet providers and is backward compatible with DOCSIS 3.0. Cable internet only, not for DSL, fiber, or bundled cable-voice plans.
- QUICK SETUP, ROCK-SOLID CONNECTION: Get online in minutes and enjoy stable, low-latency performance for gaming, 4K streaming and video calls, powered by DOCSIS 3.1 Active Queue Management and OFDMA.
- MULTI-GIG PORTS WITH LINK AGGREGATION: One 2.5Gbps Ethernet port for multi-gig plans, plus two 1Gbps ports with link aggregation for up to 2Gbps wired, the most connectivity in its class.
- SAVE UP TO $300 A YEAR, MODEM ONLY: Buy your own high-performance cable modem instead of renting and cut monthly ISP fees. No built-in WiFi, so pair with a NETGEAR Nighthawk WiFi 6E/7 router or Orbi system for whole-home coverage.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
