Lumos & NorthState Complete Separation from Segra

Company to Operate as a Stand-Alone Company with Renewed Focus on Robust Fiber Broadband Growth

WAYNESBORO, Va. & HIGH POINT, N.C.--(BUSINESS WIRE)--Today, Lumos Networks and NorthState embark on a bold growth plan as a stand-alone company with the continued financial support of EQT Infrastructure. The growth strategy includes expanding into new communities, cementing its premiere fiber-to-the-premise (FTTP) growth platform.

"I am excited to be leading a dedicated team of employees as we meet the growing demand for universal broadband with EQT’s support," Lumos and NorthState Chief Executive Officer Diego Anderson said. "We are well-positioned for robust growth because we have the resources and unique capabilities to expand our scalable fiber broadband offerings to many more communities throughout the Mid-Atlantic region.

"We understand the growing demand for high-quality symmetrical internet broadband connectivity that only a fiber optic network can deliver. Our fiber network accommodates a growing ecosystem of bandwidth-intensive applications, including work from home, remote learning, video streaming, gaming, and telemedicine," Anderson said. "As customer needs evolve, they can continue to count on us for highly reliable fiber broadband services and a strong commitment to customer service."

Lumos and NorthState currently offer high-speed fiber broadband to nearly 200,000 residential and business locations in Virginia and North Carolina, respectively. They also plan to bring high-speed fiber internet to underserved communities through public-private partnerships, meeting a critical need for the communities they serve.

“Lumos and NorthState have significant growth potential, with an intentional strategy focused on substantial new market expansion and partnerships with municipalities,” said Nirav Shah, Managing Director and Investment Advisor to EQT Infrastructure. “EQT looks forward to working with the company to bring fiber to underserved markets and we are excited to support Lumos and North State with significant capital on their accelerated growth journey.”

This announcement follows EQT Infrastructure's sale of the company's former parent, Segra, to Cox Communications.

About EQT
EQT is a purpose-driven global investment organization with more than EUR 71 billion in assets under management across 27 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.

About Lumos and NorthState
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. 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 Fiber Internet is what you need to stay connected to the things that matter.