Lumos Networks Corp. announced Monday it has agreed to be acquired by Swedish investment firm EQT Infrastructure for about $950 million.
Waynesboro-based Lumos is a fiber-based service provider in the mid-Atlantic, serving 24 markets in Virginia, Pennsylvania, West Virginia, Maryland, Ohio and Kentucky.
Under the agreement, Lumos shareholders will receive $18 in cash for each share of Lumos’ common stock. That price represents an 18.2 percent premium on the closing price of $15.23 on Feb. 17. The offer price also is a 34.9 percent premium on the volume-weighted price average for the last 12 months.
“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,” Jan Vesely, director at EQT partners, said in a statement. “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.”
