Lumen rises, AT&T to buy its consumer fiber business unit for $5.75 bln

Shares of telecommunications company Lumen Technologies LUMN.N rise 17.6% to $4.48 in extended trading

Lumen says AT&T T.N would acquire its consumer fiber operations for $5.75 billion in cash

The cash proceeds from the sale will help Lumen trim its debt pile by $4.8 billion and enhance cash flow by reducing interest expenses by more than $300 million annually

The sale is expected to allow Lumen to focus on its growing enterprise fiber business

Up to last close, stock down 28.3% YTD