Segra, one of the largest fiber infrastructure bandwidth companies in the Eastern U.S., has acquired NorthState, a provider of high-speed bandwidth services in the fast-growing Piedmont Triad region of North Carolina.
The acquisition expands Segra’s fiber network by nearly 3,000 miles and brings Segra’s industry-leading service and an enhanced product offering to NorthState’s customers.
“The Segra team will build on NorthState’s success by focusing on serving the customer first,” said Tim Biltz, chief executive officer (CEO) of Segra. “The acquisition furthers the delivery of a robust set of products, an expanded state-of-the art fiber network, and a superior service experience to all customers throughout our expanded service area.”
Under the terms of the acquisition, NorthState shareholders will receive $80.00 in cash for each share of NorthState common stock they hold. Due to completion of the transaction, such shares are no longer trading on the OTC Pink Market.
I have the utmost respect for Segra’s leadership and for the exceptional reputation they have earned in our industry,” said Royster Tucker, NorthState’s president and CEO. “As we transition our company, I have complete confidence that our customers will continue to receive outstanding service and the premium technologies they depend on in business and life.”
TD Securities acted as exclusive financial advisor and Simpson Thacher & Bartlett LLP, Morgan, Lewis & Bockius LLP and Womble Bond Dickinson (US) LLP served as legal advisors to Segra. Wells Fargo Securities, LLC served as exclusive financial advisor and GC Solutions and Nelson Mullins Riley & Scarborough LLP served as legal advisors to NorthState in connection with this transaction.
10,000 Locations, 6 Data Centers
Segra owns and operates an advanced fiber infrastructure network of over 30,000 miles that connects more than 10,000 locations and six data centers throughout nine Mid-Atlantic and Southeastern states. The company provides Ethernet, MPLS, dark fiber, advanced data center services, IP and managed services, voice and cloud solutions.
Segra’s customers include carriers, enterprises, governments, and healthcare organizations. In addition, Segra delivers “high-speed”, fiber-based integrated telecommunications services to residential and business customers in portions of Virginia under the Lumos Networks brand name and in the Piedmont Triad region of North Carolina under the NorthState brand name.