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AT&T to Acquire Lumen's Mass Markets Fiber Business

AT&T to Acquire Lumen's Mass Markets Fiber Business

Cision Canada21-05-2025

AT&T agrees to acquire substantially all of Lumen's Mass Markets fiber internet connectivity business in a deal that's expected to close in the first half of 2026
Transaction to stimulate investment, expand world-class connectivity in the U.S., create new jobs and make high-speed fiber internet access available to millions of Americans
AT&T will extend its industry-leading fiber network with plans to reach approximately 60 million total fiber locations by year-end 2030 1
DALLAS, May 21, 2025 /CNW/ --
Key Takeaways:
AT&T will acquire substantially all of Lumen's Mass Markets fiber business, which today totals about 1 million fiber customers and reaches more than 4 million fiber locations across 11 U.S. states.
AT&T reiterates full-year 2025 financial and operational guidance and share repurchase plans.
Note: For more transaction details, management and investor relations comments are available HERE, along with AT&T's 8-K.
AT&T (NYSE: T) (the Company) has reached an agreement to acquire substantially all of Lumen's (NYSE: LUMN) Mass Markets fiber business for $5.75 billion, subject to purchase price adjustments, in an all-cash transaction that will expand investment in critical U.S. connectivity infrastructure, create new middle-class jobs, and accelerate high-speed fiber internet access to millions of Americans.
"We're leading the race to connect more Americans with fiber, the best broadband connectivity technology available," said John Stankey, Chairman and CEO, AT&T. "This deal with Lumen represents a significant investment in U.S. connectivity infrastructure that will create jobs and spur economic activity in numerous regions and major metro areas across 11 states. As we advance our fiber build, we'll serve more communities with world-class connectivity and expect to roughly double where AT&T Fiber is available by the end of 2030."
The Lumen Mass Markets fiber assets included in the deal today total about 1 million fiber subscribers across more than 4 million fiber locations. Over time, these subscribers will transition to be AT&T Fiber customers and enjoy the many benefits of being connected by America's fastest-growing fiber provider. 2
Customers with AT&T Fiber today enjoy every day, simple pricing and a premier home internet experience – delivering unmatched value and service. AT&T Fiber is backed by the AT&T Guarantee and offers multi-gig speeds 3, built-in security, dependability and optimal in-home coverage.
Serving more Americans with the best connectivity experience
The transaction will enable AT&T to significantly expand access to AT&T Fiber in major metro areas like Denver, Las Vegas, Minneapolis-St. Paul, Orlando, Phoenix, Portland, Salt Lake City and Seattle, as well as additional geographies. AT&T expects this transaction to deliver significant value to consumers, shareholders and the Company. Highlights include:
Expanding the availability of AT&T Fiber. AT&T expects to significantly grow the number of AT&T Fiber customers within the acquired fiber footprint, using its extensive distribution, the strengths of AT&T Fiber, and the value of the AT&T Guarantee. Over time, AT&T expects to increase fiber customer penetration within the acquired footprint to levels more consistent with its current penetration of AT&T Fiber.
Accelerating an efficient build engine for constructing fiber home internet connectivity outside of AT&T's traditional wireline operating region. Through this transaction, AT&T will gain access to Lumen's substantial fiber construction capabilities within its incumbent local exchange carrier (ILEC) footprint and plans to accelerate the pace at which fiber is being built in these territories. AT&T now expects to reach approximately 60 million total fiber locations by the end of 2030 – roughly doubling where AT&T Fiber is available today.
Giving American consumers more choice when selecting broadband and wireless services the way they prefer – with fiber and 5G together. Customers with both AT&T Fiber and the Company's wireless services are more likely to recommend AT&T, remain customers longer and provide the best returns. AT&T expects that its ability to offer 5G wireless and fiber broadband connectivity within Lumen's Mass Markets fiber footprint will enable the Company to grow its base of high-value converged customer relationships and drive gains in its Mobility business.
Transaction details and ongoing agreements with Lumen
The acquired portion of the Lumen Mass Markets business includes last-mile Mass Markets fiber assets and the associated network elements in central offices that enable fiber services, as well as substantially all of Lumen's Mass Markets fiber customers. This will position AT&T to deliver a consistent experience to AT&T Fiber customers within Lumen's Mass Markets footprint over time.
AT&T will hold the acquired fiber network assets, including certain fiber network deployment capabilities, in a new, fully owned subsidiary ("NetworkCo"). It is expected that along with the fiber assets, certain employees will move, or receive offers to move, from Lumen to AT&T or NetworkCo as a part of this deal.
Lumen's enterprise fiber customers and Mass Markets copper-based customers as well as the associated assets to support them are not part of this agreement.
After closing, Lumen will provide AT&T with services and support under multiple transitional agreements. These agreements are expected to last approximately two years after deal close and will cover certain field operations, network deployment, IT systems, billing, customer support, and other services. As part of the transaction, AT&T will also receive long-term access to certain Lumen central offices, poles, and conduits.
The transaction is expected to close in the first half of 2026 and is subject to regulatory approval by the Department of Justice as well as other customary closing conditions.
AT&T plans to engage an equity partner after closing Lumen transaction
After closing the transaction with Lumen, the Company plans to sell partial ownership of NetworkCo to an equity partner that will co-invest in the ongoing business. AT&T expects to identify an equity partner and close a transaction within approximately 6-12 months of closing the transaction with Lumen.
Upon closing a transaction with an equity partner, the Company expects NetworkCo will be deconsolidated from AT&T's financial statements and operate as a wholesale commercial open access platform, providing fiber access services to AT&T as the anchor tenant. All acquired Lumen Mass Markets fiber customers will remain AT&T customers.
AT&T believes this planned structure is consistent with its balanced approach to capital allocation – supporting the accelerated and capital-efficient expansion of AT&T Fiber outside of its traditional wireline operating region.
Based on AT&T's position as the operator of the largest and fastest-growing fiber broadband network in the U.S. and track record of generating attractive returns on its fiber investments, the Company is highly confident it can secure an equity partner for NetworkCo.
AT&T remains committed to long-term priorities, financial targets and capital returns plans
This transaction aligns with the priorities outlined at AT&T's 2024 Analyst & Investor Day, including its goal of becoming the best connectivity provider in America while providing more value to customers, shareholders and the Company. These priorities have not changed, and AT&T continues to operate the business to achieve the financial plan and capital returns outlined in December 2024.
The Company expects that this transaction will drive returns that are comparable to AT&T's current fiber investments, as outlined at its 2024 Analyst & Investor Day. In the 12-24 months following close, the impact of the transaction is expected to be immaterial to consolidated adjusted EBITDA, adjusted EPS and free cash flow, and accretive over the long-term.
AT&T expects to continue operating within its net leverage target of net debt-to-adjusted EBITDA in the 2.5x range following the transaction with Lumen and anticipated transaction with an equity partner for NetworkCo.
The Company remains committed to repurchasing shares under the previously announced $10 billion authorization, with plans to repurchase at least $3 billion of common stock by year-end and the remainder during 2026. AT&T reiterates all full-year 2025 financial and operational guidance.
To automatically receive AT&T financial news by email, please subscribe to email alerts.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise. Adjusted EBITDA, adjusted EPS, free cash flow and net debt-to-adjusted EBITDA estimates depend on future levels of revenues, expenses, cash from operating activities, capital expenditures, vendor financing payments and other metrics which are not reasonably estimable at this time. Accordingly, we cannot provide reconciliations between these projected non-GAAP metrics and the most comparable GAAP metrics and related ratios without unreasonable effort.
About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

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Sandstorm Gold Royalties Portfolio Drilling and Exploration Highlights
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Sandstorm Gold Royalties Portfolio Drilling and Exploration Highlights

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For more information and complete drill results, visit Omai's website at and refer to the press releases dated May 12, 23, and 29, 2025. Sandstorm holds a 1.0% NSR royalty on the OGM. Troilus 2025 Drill Campaign Focuses on Identifying Higher-Grade Mineralization Troilus Gold Corp. ("Troilus") released results from its 2025 drill campaign on the Troilus project located in Quebec, Canada. The drill campaign is focused on identifying and delineating higher-grade mineralization and enhancing confidence in the current block model. The highlighted drill results below are from the Southwest Zone and confirm the higher-grade material within the reserve pit, expected to be mined in the first five years of the mine plan. SW-25-688: 56 metres grading 2.03 g/t gold, 2.55 g/t silver and 0.23% copper from 174 metres, including 34 metres grading 2.74 g/t gold, 3.38 g/t silver, and 0.29% copper; SW-25-679: 51 metres grading 1.13 g/t gold and 0.81 g/t silver from 9 metres; SW-25-712: 73 metres grading 0.68 g/t gold, 0.80 g/t silver and 0.14% copper from 189 metres, including 19 metres grading 1.34 g/t gold, 0.76 g/t silver, and 0.29% copper; and SW-25-681: 36 metres grading 1.40 g/t gold, 1.58 g/t silver, and 0.22% copper, including 23 metres grading 1.93 g/t gold, 1.85 g/t silver, and 0.29% copper. For more information and complete drill results, visit Troilus's website at and refer to the press releases dated April 29 and May 22, 2025. Sandstorm holds a 1.0% NSR royalty on the Troilus project. Note 1. Stream terms reflect bought down rates applicable to HNE and Heruga deposits, assuming the Mongolian Government acquires a 34% interest in Entrée's share of the joint venture, at which time Sandstorm will receive up to $6.8 million in total consideration. Qualified Person Imola Götz ( F.E.C.), Sandstorm's Vice President, Mining & Engineering is a Qualified Person as defined by Canadian National Instrument 43-101. Ms. Götz has reviewed and approved the scientific and technical information in this news release. Contact Information For more information about Sandstorm Gold Royalties, please visit our website at or email us at [email protected]. ABOUT SANDSTORM GOLD ROYALTIES Sandstorm is a precious metals-focused royalty company that provides upfront financing to mining companies and receives the right to a percentage of production from a mine, for the life of the mine. Sandstorm holds a portfolio of approximately 230 royalties, of which 40 of the underlying mines are producing. Sandstorm plans to grow and diversify its low-cost production profile through the acquisition of additional gold royalties. For more information visit: CAUTIONARY STATEMENTS TO U.S. SECURITYHOLDERS The financial information included or incorporated by reference in this press release or the documents referenced herein has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, which differs from US generally accepted accounting principles ("US GAAP") in certain material respects, and thus are not directly comparable to financial statements prepared in accordance with US GAAP. This press release and the documents incorporated by reference herein, as applicable, have been prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ from the previous and current standards of the United States securities laws. In particular, and without limiting the generality of the foregoing, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "inferred mineral resources,", "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced herein and the documents incorporated by reference herein, as applicable, are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Definition Standards"). For United States reporting purposes, the United States Securities and Exchange Commission (the "SEC") has adopted amendments to its disclosure rules (the "SEC Modernization Rules") to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the Exchange Act, which became effective February 25, 2019. The SEC Modernization Rules more closely align the SEC's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and replace the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7. Issuers were required to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2021. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system, the Corporation is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information contained or incorporated by reference herein may not be comparable to similar information disclosed by United States companies subject to the United States federal securities laws and the rules and regulations thereunder. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding CIM Definition Standards that are required under NI 43-101. While the SEC will now recognize "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", U.S. investors should not assume that all or any part of the mineralization in these categories will be converted into a higher category of mineral resources or into mineral reserves without further work and analysis. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that all or any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable without further work and analysis. Further, "inferred mineral resources" have a greater amount of uncertainty and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of inferred mineral resources will be upgraded to a higher category without further work and analysis. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms are "substantially similar" to CIM Definitions, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules or under the prior standards of SEC Industry Guide 7. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This press release contains "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Sandstorm Gold Royalties. Forward-looking statements include the future price of gold, silver, copper, iron ore and other metals, the estimation of mineral reserves and resources, realization of mineral reserve estimates, and the timing and amount of estimated future production. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", or similar terminology. Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Sandstorm Gold Royalties to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Sandstorm Gold Royalties will operate in the future, including the receipt of all required approvals, the price of gold and copper and anticipated costs. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will purchase gold, other commodities or receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the section entitled "Risks to Sandstorm" in the Company's annual report for the financial year ended December 31, 2024 and the section entitled "Risk Factors" contained in the Company's annual information form dated March 31, 2025 available at Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws. SOURCE Sandstorm Gold Ltd.

EPA set to roll back rules that limit greenhouse gases and mercury from US power plants
EPA set to roll back rules that limit greenhouse gases and mercury from US power plants

Winnipeg Free Press

time5 hours ago

  • Winnipeg Free Press

EPA set to roll back rules that limit greenhouse gases and mercury from US power plants

WASHINGTON (AP) — The Environmental Protection Agency is poised to eliminate rules that limit greenhouse gas emissions from power plants fueled by coal and natural gas, part of a wide-ranging rollback of environmental regulations that Administrator Lee Zeldin has said would remove trillions of dollars in costs and 'unleash' American energy. The EPA also plans to weaken a regulation that requires power plants to reduce emissions of mercury and other toxic pollutants that can harm brain development of young children and contribute to heart attacks and other health problems in adults. The planned rollbacks, set to be announced Wednesday, are meant to fulfill President Donald Trump's repeated pledge to 'unleash American energy' and make it more affordable for Americans to power their homes and operate businesses. If approved and made final, the plans would reverse efforts by President Joe Biden's administration to address climate change and improve conditions in areas heavily burdened by industrial pollution, mostly in low-income and majority Black or Hispanic communities. The power plant rules are among about 30 environmental regulations that Zeldin targeted in March when he announced what he called the 'most consequential day of deregulation in American history.' He said the actions would put a 'dagger through the heart of climate-change religion' and introduce a 'Golden Age' for the American economy. Environmental groups vowed to challenge the rules in court. 'Power plants are among the largest sources of dangerous pollution in the nation. We have modern technologies that allow these plants to reduce pollution with available and cost-effective solutions,' said Vickie Patton, general counsel of the Environmental Defense Fund. The clean-air standards targeted by the EPA under Trump, a Republican, 'are protecting people across America today and will safeguard future generations,' Patton said. 'Ignoring the immense harm to public health from power plant pollution is a clear violation of the law,' added Manish Bapna, president and CEO of the Natural Resources Defense Council. 'Our lawyers will be watching closely, and if EPA finalizes a slapdash effort to repeal those rules, we'll see them in court.' The EPA-targeted rules could prevent an estimated 30,000 deaths and save $275 billion each year they are in effect, according to an Associated Press examination that included the agency's own prior assessments and a wide range of other research. It's by no means guaranteed that the rules will be entirely eliminated — they can't be changed without going through a federal rulemaking process that can take years and requires public comment and scientific justification. Even a partial dismantling of the rules would mean more pollutants such as smog, mercury and lead — and especially more tiny airborne particles that can lodge in lungs and cause health problems, the AP analysis found. It would also mean higher emissions of the greenhouse gases driving Earth's warming to deadlier levels. Biden, a Democrat, had made fighting climate change a hallmark of his presidency. Coal-fired power plants would be forced to capture smokestack emissions or shut down under a strict EPA rule issued last year. Then-EPA head Michael Regan said the power plant rules — the Biden administration's most ambitious effort to roll back planet-warming pollution from the power sector — would reduce pollution and improve public health while supporting a reliable, long-term supply of electricity. Monday Mornings The latest local business news and a lookahead to the coming week. The power sector is the nation's second-largest contributor to climate change, after transportation. In its proposed regulation, the Trump EPA argues that carbon dioxide and other greenhouse gases from fossil fuel-fired power plants 'do not contribute significantly to dangerous pollution' or to climate change and therefore do not meet a threshold under the Clean Air Act for regulatory action. A paper published earlier this year in the journal Science found the Biden-era rules could reduce U.S. power sector carbon emissions by 73% to 86% below 2005 levels by 2040, compared with a reduction of 60% to 83% without the rules. 'Our research shows that EPA's power plant rules make substantial strides to protect human health and the environment,' said Aaron Bergman, a fellow at Resources for the Future, a nonprofit research institution and a co-author of the Science paper. 'Carbon emissions in the power sector drop at a faster rate with the (Biden-era) rules in place than without them,' Bergman said in an email. 'And we also would have seen significant reductions in sulfur dioxide and nitrogen oxides, pollutants that harm human health.'

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