Simpson Thacher is representing an investment fund advised by EQT Partners, in connection with its definitive agreement to acquire Lumos Networks (NASDAQ: LMOS). Under the terms of the agreement, the investment fund will acquire all of Lumos Networks’ common stock for $18 per share in an all cash transaction, resulting in an enterprise value of approximately $950 million. The transaction, which is expected to close in the third quarter of 2017, is subject to stockholder and regulatory approval and other customary closing conditions.
Lumos Networks is a leading fiber-based service provider in the Mid-Atlantic region serving Carrier, Enterprise and Data Center customers, offering end-to-end connectivity in 24 markets in Virginia, Pennsylvania, West Virginia, Maryland, Ohio and Kentucky. With a fiber network of 9,204 fiber route miles and 475,507 total fiber strand miles, Lumos Networks connects 1,297 unique Fiber to the Cell sites, 1,642 total FTTC connections, 36 data centers, including 7 company owned co-location facilities, 1,984 on-net buildings and approximately 3,300 total on-net locations.
The Simpson Thacher team included David Lieberman, Chris May, Jim Cross, Angela Wu, Justin Thekkekara and Thomas Boyd (M&A); Brian Steinhardt, Eli Isak and Bassam Chain (Banking and Credit); Michael Isby, Timothy Mulvihill and Louise Kruger (Environmental); David Rubinsky, Paul Koppel, Eric Wolf and Monisha Bhayana (Executive Compensation and Employee Benefits); Jason Glover and Robert Lee (Funds); Lori Lesser and Linda Nyberg (Intellectual Property); Krista McManus and Dennis Loiacono (Real Estate); Peter Thomas (Regulatory); and Jonathan Goldstein and Jasmine Hay (Tax).