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  "documentTitle": "Lumen | Mergers and Acquisitions Presentation Deck | 9 slides",
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      "text": "(1) Sold operations also include portion of Enterprise and Wholesale served by ILEC assets in the 20 states (2) Estimated Adjusted EBITDA is defined as net income before income tax (expense) benefit, total other income (expense), depreciation and amortization, share-based compensation expense, CAF and the estimated financial impact of third-party network service agreement that will be signed between Lumen and Apollo, and other standalone costs intended to represent the ILEC Assets consistent with the proposed sale. The Estimated Adjusted EBITDA is, therefore, not intended to represent the financial results consistent with GAAP on a standalone basis. (3) Apollo to provide voice and broadband services over the acquired ILEC assets.",
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      "text": "Scope: Lumen to retain all non-ILEC assets in the 20 states and ramp its Quantum Fiber investment on the remaining 16 state footprint",
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      "text": "Timing/Closing: Anticipate closing during 2H22",
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      "text": "Transaction: Apollo to acquire Lumen's ILEC assets in 20 states for $7.5 billion",
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