Lumos Networks, a leading fiber-based service provider in the U.S. Mid-Atlantic region, has entered into an agreement to be acquired by the EQT Infrastructure investment for approximately $950 million.
The offer price represents a 34.9% premium to the volume-weighted price average of the last 12 months of $13.35 and a 16.5% premium to $15.45, which is the average closing price of the last 20 trading days.
Lumos Networks which operates in 24 markets in the U.S., serves carrier, enterprise, and data center customers via a fiber network of 9,204 fiber route miles and 475,507 total fiber strand miles. It offers connections to 1,297 unique fiber to the cell sites, 1,642 total FTTC connections, 36 data centers (including seven company owned co-location facilities), 1,984 on-net buildings, and approximately 3,300 total on-net locations.
Jan Vesely, Director at Investment Advisor EQT Partners
We are excited about the opportunity to acquire Lumos Networks, having been impressed by the Company’s strategic vision and execution since it became a public company in 2011. We look forward to working collaboratively with Lumos Networks’ team and to drawing upon EQT’s deep expertise in the telecommunications and fiber sector in support of the Company’s growth and expansion.
Timothy G. Biltz, President and CEO of Lumos Networks
Since my tenure of CEO began in April of 2012, Lumos has achieved an annualized shareholder return of nearly 19%, during which time we transformed into an industry leading fiber based bandwidth infrastructure services company.
