WAYNESBORO, Va., Nov. 17, 2017 (GLOBE NEWSWIRE) -- 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 Contacts
About Lumos Data Centers
Lumos Data Centers (LDC) is a newly formed business unit within Lumos Networks, focusing exclusively on data center services. LDC offers high availability services out of three data centers in Charlotte, NC servicing Virginia, West Virginia, Pennsylvania, North Carolina, South Carolina, and Georgia. The data center facilities are staffed 24/7/365, SSAE 16 SOC1 and SOC 2 Type II certified, and PCI DSS and HIPAA compliant. Enterprise services include Colocation, Infrastructure as a Service, Disaster Recovery as a Service, Storage as a Service, and Back Up and Recovery as a Service. LDC acts as a Carrier Hotel, with 12 of the largest carriers in Charlotte having fiber routes and / or Points of Presence (POP), allowing robust options for clients. With direct connectivity from the Lumos Networks and Spirit Communications fiber footprint, along with 12 options for connectivity, LDC is uniquely positioned to offer clients on-net data center and colocation services.
About the Combination of Spirit Communications and Lumos Networks
The combination of Spirit Communications and Lumos Networks creates a super-regional fiber bandwidth network with over 21,000 miles of fiber and more than 9,000 on-net locations across nine states in the Mid-Atlantic and Southeast United States. The new entity offers a full range of Ethernet, MPLS, dark fiber, advanced voice and cloud services to thousands of carrier, enterprise, data center and government customers. The entity also connects 44 total data centers, including 12 co-location and data centers.