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Lumen’s sale to Colt
London-headquartered Colt will pay $1.8 billion for the business. The transaction includes Lumen’s terrestrial and subsea networks, datacenters and network equipment in EMEA.
Lumen said the purchase price represents a strong ~11x multiple of the EMEA business’ estimated 2021 adjusted EBITDA.
Also, its additional capital and a streamlined portfolio “will drive more focused investments on enterprise growth and help maintain Lumen’s strong balance sheet.”
Finally, the transaction will enable Lumen to serve multinational enterprise customers through a strategic partnership with Colt.
Minority-owned partners helped by Juniper
Leaders at minority-owned and disadvantaged channel partner firms are already seeing the benefits of Juniper Networks’ latest diversity initiative.
Juniper earlier this year unveiled its Diversity+ Partner Programme. The group gives enhanced profiles on the Juniper Partner Locator to minority-owned firms. Juniper also provides special executive mentorship to members of those companies.
Channel Futures reported that Copper River Information Technology, which represents a Native American indigenous community, is seeing the benefits of the new programme.
“Being at a small, disadvantaged business does bring some challenges,” Copper River executive vice president Paul Pfleger said. “It’s much easier to go into a customer saying, ‘Hey, I’m Juniper,’ rather than ‘Hey, I’m Copper River.’ Juniper [promoting us] has helped open up new doors that probably wouldn’t have been open to us in the past.”
VMware votes on Broadcom merger
VMware shareholders voted to approve the pending merger with Broadcom, cementing a critical step that moves the deal closer to the finish line.
The vote took place Friday at a meeting of stockholders, which considered not just the fate of the merger but the compensation that Broadcom has arranged for VMware executives, reported CRN US. With majority shareholder Michael Dell having already pledged his 40-percent ownership stake to voting in favor of the acquisition, the outcome of the vote was heavily weighted towards seeing the deal through.
One area that received pushback was the compensation for VMware executives. CRN reported last month on the $169.4 million golden parachute that Broadcom had arranged for VMware’s top five executives, once the deal closes.
The owners of more than 4.2 million shares opposed the pay — or 1.2 percent of the total votes cast — while 348.2 million shares voted to approve the golden parachute.
Since the deal was announced on May 26 there has been consternation from longtime customers and partners about Broadcom’s commitment to developing VMware, supporting its current customers, selling through the channel, and around pricing.
Broadcom CEO Hock Tan and VMware CEO Raghu Raghuram have pushed back against those fears, with both men telling channel partners to expect more empowerment under Broadcom’s ownership, and pointing to the billions Broadcom spends on research and development.
Tracking tech layoffs
CRN US also this week looked at the layoff activities of 23 IT tech companies in the second half of 2022. The focus of this look at the industry is on companies focused on building the hardware, software, tools, and services that power the IT industry or are used by IT professionals.
Layoff tracking website Layoffs.fyi reports that more than 100,000 tech workers have been fired in 2022. And that number is likely to grow.
Author: Christine Horton
Publish Date: 14/11/2022 09:59
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