Simpson Thacher is representing Segra in its announced definitive agreement to acquire North State Telecommunications Corporation (“NorthState”), a fiber optic network, cloud and IT services and cybersecurity provider. Segra will pay $80 in cash per share for both Class A and Class B of NorthState’s common stock, which, inclusive of indebtedness, represents an enterprise value of approximately $240 million. The transaction is anticipated to close in the second or third quarter of 2020 and is subject to customary regulatory approvals and other closing conditions.
Segra is one of the largest independent fiber bandwidth companies in the eastern U.S. It owns and operates an advanced fiber infrastructure network of more than 23,000 miles that connects more than 9,000 on-net locations and six data centers throughout nine Mid-Atlantic and Southeastern states. Segra provides Ethernet, MPLS, dark fiber, advanced data center services, IP and managed services, voice and cloud solutions, all backed by its industry-leading service and reliability. Customers include carriers, enterprises, governments and healthcare organizations.
The Simpson Thacher team includes David Lieberman, Jim Cross, Justin Thekkekara, Collin Hunt and Braxton Pitts (M&A); Brian Steinhardt and Eli Isak (Credit); Jonathan Goldstein (Tax); David Rubinsky, Joo Hyun Lee and Arielle Trapp (ECEB); Krista McManus (Real Estate); Michael Isby (Environmental); and Lori Lesser and Genevieve Dorment (Intellectual Property).