Lumen Technologies has agreed to sell its Latin American business to private equity firm Stonepeak for $2.7 billion, Reuters reported.

The business will operate as an independent, U.S.-headquartered portfolio company of Stonepeak after the deal closes and will be led by Hector Alonso, Lumen’ president for the region.

AustralianSuper, the country’s largest pension fund, is also investing in the deal.

The sale is expected to close in the first half of 2022.

Monroe, Louisiana-based Lumen, which changed its name from CenturyLink last year to refocus its strategy on its fiber optics business, said it would continue to work with the Latin American business to serve joint customers in the region.