EQT Infrastructure To Acquire Lumos Networks For $18.00/shr - Quick Facts

(RTTNews) - Lumos Networks Corp. (LMOS) announced 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 $950 million. Lumos said the agreement was approved by all members of the board voting on the transaction. The acquisition is expected to be completed during the third quarter of 2017.

EQT is an alternative investments firm with approximately 31 billion euros in raised capital in 21 funds. EQT Funds have portfolio companies in Europe, Asia and the U.S. with total sales of more than 15 billion euros and approximately 100,000 employees.

Robert Guth, Chairman of the Board of Lumos, said: "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. 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."