Lumos Networks Corp. and Spirit Communications have announced that the EQT Infrastructure III fund has completed its majority stake investment in Spirit, the company said.
With the transaction complete, Spirit will be combined with Lumos, which was acquired in November of 2017.
The combination of Spirit and Lumos creates a super-regional fiber network stretching from Pittsburgh to Atlanta, with the vast majority of revenue and fiber network concentrated in the high-growth markets of Virginia, North Carolina and South Carolina.
Together, Spirit and Lumos will operate a network of approximately 21,000 fiber route miles and well over one million total fiber strand miles. The combined business will have over 9,000 on-net locations, comprised of approximately 4,500 on-net enterprise locations and more than 4,500 unique contracted fiber to the cell (“FTTC”) locations.
Timothy G. Biltz, President and CEO of Lumos, will serve as the CEO of the combined company. Robert Keane, President and CEO of Spirit prior to the combination, and Brian Singleton, CEO of TruVista and Chairman of the Spirit board of directors prior to the combination, will serve on the combined company´s board of directors.
EQT is an investment firm with approximately EUR 49 billion in raised capital across 26 funds. EQT funds have portfolio companies in Europe, Asia and the US 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.