Lumos Networks Completes Sale to EQT Infrastructure
November 17 2017 - 9:00AM
Lumos Networks Corp. (“Lumos Networks”), a leading fiber-based
service provider in the mid-Atlantic region, today announced the
completion of its sale to EQT Infrastructure. Under the terms
of the merger agreement, Lumos Networks stockholders are receiving
$18.00 in cash for each share of Lumos Networks common stock they
hold.
As a result of the completion of the transaction, shares of
Lumos Networks common stock were removed from listing on the NASDAQ
Global Select Market, with trading in Lumos Networks shares
suspended prior to the opening of business today.
Jan Vesely, Director at EQT Partners, Investment Advisor to the
fund, said, “Lumos is the ideal fiber platform for EQT in the
US. We are excited to begin working with the team in
supporting the business and its growth plans going forward.”
“I, along with the rest of the Lumos team, am excited to begin
to work with EQT Infrastructure to innovate and expand Lumos’s
network, products and service offerings to our customers,” stated
Timothy G. Biltz, President and CEO.
Wells Fargo Securities, LLC and UBS Investment Bank served
as co-financial advisors to Lumos Networks in connection
with the transaction. Troutman Sanders LLP and Lawler, Metzger,
Keeny and Logan, LLC served as legal advisors to Lumos Networks in
connection with this transaction. Morgan Stanley & Co. LLC
acted as exclusive financial advisor to EQT Infrastructure, and
Simpson Thacher & Bartlett LLP and Morgan, Lewis, &
Bockius LLP served as legal advisors to EQT Infrastructure. Morgan
Stanley Senior Funding, Inc. and Goldman Sachs Bank USA served as
joint lead arrangers and joint bookrunners for the financing of the
transaction.
Media and Investor ContactsFor Lumos
Networks:Will Davis SVP of Marketing and Investor
Relations and Chief of Staff 917-519-6994davisw@lumosnet.com
For EQT:U.S. Media:Daniel Yunger or Ross
LovernKEKST212.521.4800 daniel.yunger@kekst.comEuropean
Media:EQT Press Office+46 8 506 55
334 press@eqtpartners.com
About Lumos Networks
Lumos Networks is a leading fiber-based service
provider in the Mid-Atlantic region serving Carrier, Enterprise and
Data Center customers, offering end-to-end connectivity in 26
markets in Virginia, West Virginia, North Carolina, Pennsylvania,
Maryland, Ohio and Kentucky. With a fiber network of 11,028 fiber
route miles and 517,244 total fiber strand miles, Lumos Networks
connects 1,310 unique Fiber to the Cell sites, 1,684 total FTTC
connections, 2,230 on-net buildings and over 3,500 total on-net
locations. The Company also connects 44 total data centers,
including five data centers acquired from DC74, two acquired from
Clarity Communications and seven company owned co-location
facilities. In 2016, Lumos Networks generated over $123
million in Data revenue over our fiber network. Detailed
information about Lumos Networks is available at
www.lumosnetworks.com.
About EQT
EQT is a leading alternative investments firm
with approximately EUR 37 billion in raised capital across 24
funds. EQT funds have portfolio companies in Europe, Asia and the
U.S. with total sales of more than EUR 19 billion and
approximately 110,000 employees. EQT works with portfolio companies
to achieve sustainable growth, operational excellence and market
leadership. For more information please
visit www.eqtpartners.com.
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