Status: Upcoming/New Filing
Acquirer: Affiliates of EQT Infrastructure (Sweden)
Acquired: Lumos Networks Corp. (US)
Value: US$950 million
On February 20, 2017, 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 an investment fund affiliated with EQT Infrastructure, a Swedish based investment firm, for approximately US$950 million. (See Joint Press Release, Lumos Networks Enters into Definitive Agreement to be Acquired by EQT Infrastructure, Feb. 20, 2017; EQT Infrastructure Press Release, EQT Infrastructure enters into definite agreement to acquire Lumos Network, Feb. 20, 2017 (“[a]ffiliates of the EQT Infrastructure investment strategy have entered into a definitive agreement to acquire Lumos Networks”); and Lumos Networks Form 8-K, Feb. 20, 2017, SEC Filing.) According to Lumos Networks’ SEC filings, it will be merged into MTN Infrastructure BidCo, Inc., surviving as a wholly owned subsidiary of MTN Infrastructure TopCo., Inc., a Delaware corporation and “subsidiar[y] of an investment fund advised by EQT Partners Inc., a Swedish-based private equity firm.” (Lumos Networks Form 8-K, Feb. 20, 2017, SEC Filing.) “Consummation of the Merger . . . is subject to customary closing conditions, including . . . consents of the Federal Communications Commission (including any review by the Team Telecom Agencies), [and] approval of the interagency Committee on Foreign Investment in the United States (CFIUS) …” (Id.). Lumos Networks expects the transactions to close in the third quarter of 2017. (see id.)
Please contact us at InternationalTradeCompliance@squirepb.com with any questions.