Lumos Networks Corp. (NASDAQ: LMOS), a fiber-based service provider in the Mid-Atlantic region, has agreed to be acquired by the EQT Infrastructure investment strategy, for USD 18.00 per share, resulting in an enterprise value of approximately USD 950m, the company said.
Under the terms of the agreement, EQT Infrastructure will acquire all of Lumos Networks´ common stock.
The agreement was approved by all members of the board of directors voting on the transaction. Completion of the transaction is subject to shareholder approval, regulatory approval and other customary closing conditions. The acquisition is expected to be completed during the third quarter of 2017.
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 counsel for 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.
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 24 markets in Virginia, Pennsylvania, West Virginia, Maryland, Ohio and Kentucky.
EQT is a leading alternative investments firm with approximately EUR 31bn in raised capital in 21 funds. EQT Funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 15bn and approximately 100,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.