Dive Brief:

• CenturyLink announced Friday it will sell its data centers and colocation business to a consortium of funds.

• The sale price was $2.15 billion, plus a stake in a new global secure infrastructure company formed by the consortium. That stake is valued at $150 million.

• CenturyLink says it will use the money to help fund its acquisition of Level 3 Communications, which it announced earlier this week.

Dive Insight:

CenturyLink could use the cash infusion: It announced Monday it would buy Level 3 for $34 billion in cash and stock. Telecommunications companies have been looking to sell data centers to help streamline their offerings and focus on services.

Rumors had circulated for weeks that CenturyLink was close to selling the data center business. The deal incorporates 57 data centers, and the parties say it will close in the first quarter of next year. It requires regulatory approval.

The consortium will use the data centers in its new global secure infrastructure company, of which CenturyLink will get the $150 million slice.