EQT Strengthens Commitment to Segra's Residential and SMB Business

EQT Infrastructure to Support Company’s Accelerated Next Phase of Growth to Meet Market Demand for Fiber Broadband Connectivity

WAYNESBORO, Va.--(BUSINESS WIRE)--Segra's residential and small-to-medium sized business (SMB) business, operating under the Lumos Networks and NorthState brands, today announced a strengthened commitment to its fiber-to-the-premise (FTTP) strategy. As part of the announced sale of Segra’s commercial business to Cox Communications, EQT Infrastructure will retain ownership of the Lumos Networks and NorthState operations and support it as a stand-alone company.

Diego Anderson, Senior Vice President and General Manager of the operations, will serve as Chief Executive Officer of the new company, leading a growing team of dedicated employees focused on serving existing customers while also capturing new market growth opportunities. The company plans to significantly accelerate its build-out of fiber in many underserved areas of Virginia, North Carolina, and other markets throughout the region.

Lumos Networks and NorthState provide broadband availability to nearly 200,000 residential and SMB locations, the majority of which are served with high bandwidth fiber. With EQT’s support, the company will expand into additional markets, connecting thousands of new homes and businesses, thereby cementing its status as a premiere, super-regional FTTP growth platform.

“We’re thrilled to be part of this exciting growth story and further our commitment to expanding access to high-speed broadband for consumers and small businesses across the mid-Atlantic region,” stated Jan Vesely, Partner and Investment Advisor at EQT Partners. “We have been impressed by the management team’s success in bringing fiber to underserved areas and look forward to supporting an accelerated build-out going forward.”

“Families and businesses are demanding the reliable and high-bandwidth, symmetrical internet connections that only fiber can provide,” stated Anderson. “Our fiber-based, customer-centric approach will be highly intentional in driving future-proofing fiber innovation into more neighborhoods, as we remain keenly focused on providing scalable products and superior customer service. We are delighted to continue our relationship with EQT and look forward to growing our FTTP platform.”

About Segra’s Residential and SMB Business

The Company provides high-speed fiber internet, wall-to-wall Wi-Fi, voice, and streaming services to residential and business customers across Virginia and North Carolina, doing business under the Lumos and NorthState brands. But we are more than your average internet company. Our customers enjoy the fastest fiber speeds available built on a network they can truly count on – all backed by local, expert customer care teams. We know that fast, reliable internet is what you need to stay connected to the things that matter.

About EQT

EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.