Upcoming/New CFIUS Filing: Affiliates of EQT Infrastructure and Lumos Networks Corp.
Status: Upcoming/New Filing
Acquirer: Affiliates of EQT Infrastructure (probably 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.)