Lumen closes EMEA deal but cuts staff at home

Lumen Technologies closed the sale of its EMEA operations to UK-based Colt Technology Services, but the news was a high point in a week that brought hefty job losses and dismal Q3 results.
Colt agreed to pay US$1.8 billion for Lumen’s Europe, Middle East and Africa business, almost exactly a year ago, a deal that for Lumen was about strengthening its balance sheet and enabling it to focus on its core enterprise solutions business. The transaction, which represents an 11x EBITDA multiple fo