x
Optical/IP

Segra buys 3,000 miles of fiber from NorthState

CHARLOTTE, NC – 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 industry," 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 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.

Segra

Be the first to post a comment regarding this story.
HOME
Sign In
SEARCH
CLOSE
MORE
CLOSE