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Bond Market News
Lumen to Acquire Alkira; Announces Early Results of Tender Offer
May 26, 2026
Lumen Technologies announced a definitive agreement to acquire Alkira, a cloud-native, carrier-agnostic networking platform, for $475mn in an all-cash transaction. The acquisition is designed to advance Lumen’s digital platform strategy by integrating Alkira’s cloud-native NaaS control plane with Lumen’s extensive physical fiber infrastructure, into a single digital platform. The deal expands Lumen’s addressable market to an estimated $70bn, and the transaction is expected to close in 3Q2026.
Lumen also announced the early results of its previously announced tender offers for its notes on May 6. Along with its subsidiaries Level 3 Financing, Inc. and Qwest Capital Funding, Inc., it had launched cash tender offers to repurchase a range of notes across all three entities. The tender offer had an aggregate maximum purchase cap of $750mn. By the early tender deadline of May 19, ~$1.4bn in aggregate principal had been tendered, resulting in ~$765.9mn being accepted for purchase. The settlement date for the above was on May 21. As the cap was exceeded at the early deadline, the company does not expect to accept any further tenders before the final expiration on June 4. The tender offer results are seen in the table below:
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