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Segra Acquires NorthState
[May 19, 2020]

Segra Acquires NorthState


Segra, one of the largest fiber infrastructure bandwidth companies in the Eastern U.S., today announced it 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," stated Tim Biltz, chief executive officer 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."

During an extraordinary time when communication services and reliable connections are more critical than ever, the scale, reliability and strength of Segra's fiber network and operations allow it to meet the data, voice and connectivity needs of customers of all sizes.

The close of the transaction also marks the transition of Royster Tucker III from his longtime position as NorthState's president and CEO. "We're all grateful to Royster for his leadership," Biltz continued. "His commitment to his company's customers, employees and shareholders created a great company."

"I have the utmost respect for Segra's leadership and for the exceptional reputation they have earned in our inustry," said Tucker. "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."



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.

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 (News - Alert) 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.


To learn more about the transaction and what it means for customers, please visit: www.segra.com/northstate.

About Segra

Segra is one of the largest independent fiber infrastructure bandwidth companies in the Eastern U.S. It 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. 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. 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. For more information about Segra's technology and commitment to customer care, visit segra.com.


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