AT&T announced on Wednesday it was acquiring virtually all of Lumen’s mass markets fiber business, in a $5.75 billion all-cash transaction that will help the telecom giant extend its reach to 60 million locations.

AT&T has clinched a deal to acquire Lumen Technologies' consumer fiber operations for $5.75 billion in cash, the companies said on Wednesday, as the wireless provider adds further scale to its national fiber footprint.

Lumen Technologies, Inc. (NYSE: LUMN) today announced it has entered into a definitive agreement to sell Lumen’s Mass Markets fiber-to-the-home business, including Quantum Fiber, in eleven states to AT&T (NYSE: T) for a total of $5.