EQT acquired Lumos Network for $950m

Lumos Networks Corp., a leading fiber-based service provider in the Mid-Atlantic region, announced that it has entered into a definitive agreement to be acquired by the EQT Infrastructure investment strategy, for $18.00 per share, resulting in an enterprise value of approximately $950m. Under the terms of the agreement, EQT Infrastructure will acquire all of Lumos Networks’ common stock. Shareholders of record will receive $18.00 in cash per share of Lumos Networks’ common stock, which is a premium of 18.2% to the closing price of $15.23 on February 17, 2017. 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. “Our Board of Directors concluded, after a thorough review of the strategic alternatives, that the sale of Lumos Networks to EQT Infrastructure was in the best interests of Lumos Networks and its shareholders,” Robert Guth, Lumos Networks Chairman of the Board. “I am pleased to announce this transaction and the beginning of the partnership between Lumos Networks and EQT Infrastructure in order to capitalize on the market opportunities ahead of us in the U.S. communications infrastructure market.”