Aug 3 (Reuters) - Lumen Technologies (LUMN.N) said on Tuesday it would sell some of its telecom assets to Apollo Global Management Inc (APO.N) in a deal valued at $7.5 billion. Apollo Funds will acquire some of Lumen"s business in 20 U.S. states in a deal that is expected close in the second half of 2022. Lumen will retain its incumbent local exchange carrier assets in 16 states, as well as its national fiber routes and competitive local exchange carrier) networks, the company said. "Our investment will help accelerate the upgrade to fiber optic technologies, ... bring faster and more reliable internet service to many rural markets traditionally underserved by broadband providers," said Aaron Sobel, private equity partner at Apollo. Citi, Goldman Sachs, Bank of America, and Morgan Stanley served as financial advisers to Lumen, and Jones Walker served as a legal counsel. Mizuho, LionTree, Barclays and Credit Suisse served as financial advisers to the Apollo Funds, while Paul, Weiss, Rifkind, Wharton & Garrison LLP served as the lead legal counsel.