CenturyLink Inc.  says it has completed the sale of its data centers and colocation business to funds advised by BC Partners, in a consortium including Medina Capital Advisors and Longview Asset Management in a deal announced late last year. The Tier 1 service provider received approximately $1.86 billion of pre-tax net cash proceeds, subject to certain post-closing adjustments, and an approximately 10% equity stake in the consortium’s new global secure infrastructure company, Cyxtera Technologies. The company also will retain its hosting and cloud assets.

The deal is part of a trend that has seen service providers offload their data center assets. The transaction also provides funds to support CenturyLink’s planned acquisition of Level 3 Communications.

“This sale allows CenturyLink to drive greater focus on our network infrastructure while still having the ability to sell colocation services in these data centers,” said Glen F. Post III, chief executive officer and president of CenturyLink. “CenturyLink provides reliable and secure network solutions that are critical to the success of businesses which increasingly rely on digital connections to help ensure the growth and success of their operations. Additionally, our hosting and cloud services, combined with our robust IT services and solutions, offer customers an impressive suite of complementary services.”

Cyxtera begins life with 57 former CenturyLink data centers, which combined offer approximately 195 MW of power across 2.6 million square feet of raised floor capacity. Approximately 700 CenturyLink employees will transition to Cyxtera.