NorthState Acquired by Segra

Segra, one of the largest fiber infrastructure bandwidth companies in the Eastern US, has announced it has acquired NorthState, a provider of high-speed bandwidth services in the fast-growing Piedmont Triad region of North Carolina, the company said.

The acquisition expands Segra´s fiber network by nearly 3,000 miles and brings Segra´s industry-leading service and an enhanced product offering to NorthState´s customers.

During an extraordinary time when communication services and reliable connections are more critical than ever, the scale, reliability and strength of Segra´s fiber network and operations allow it to meet the data, voice and connectivity needs of customers of all sizes.

The close of the transaction also marks the transition of Royster Tucker III from his longtime position as NorthState´s president and CEO. “We´re all grateful to Royster for his leadership,” Biltz continued. “His commitment to his company´s customers, employees and shareholders created a great company.”

Under the terms of the acquisition, NorthState shareholders will receive USD 80.00 in cash for each share of NorthState common stock they hold. Due to completion of the transaction, such shares are no longer trading on the OTC Pink Market.

TD Securities acted as exclusive financial advisor and Simpson Thacher & Bartlett LLP, Morgan, Lewis & Bockius LLP and Womble Bond Dickinson (US) LLP served as legal advisors to Segra. Wells Fargo Securities, LLC served as exclusive financial advisor and GC Solutions and Nelson Mullins Riley & Scarborough LLP served as legal advisors to NorthState in connection with this transaction.

Segra is one of the largest independent fiber infrastructure bandwidth companies in the Eastern US It owns and operates an advanced fiber infrastructure network of over 30,000 miles that connects more than 10,000 locations and six data centers throughout nine Mid-Atlantic and Southeastern states. For more information about Segra´s technology and commitment to customer care, visit segra.com.