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.
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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 enterprise class data centers in Charlotte, NC, and Colocation and Lumos Network services out of 11 facilities across Virginia, West Virginia, North Carolina, Pennsylvania, and North Carolina. The enterprise class facilities are staffed 24/7/365, SSAE 16 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 fiber footprint, along with 12 options for connectivity, LDC is uniquely positioned to offer clients on-net data center and colocation services.
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 27 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 approximately 3,500 total on-net locations. The Company also connects 44 total data centers, including three data centers acquired from DC74 (now named Lumos Data Centers), 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.