Segra, one of the largest fiber infrastructure companies in the Eastern U.S., has bought NorthState for an undisclosed sum. The deal expanded Segra's fiber footprint by close to 3,000 miles and gave it a bigger presence in the Piedmont Triad region of North Carolina.
Under the terms of the acquisition, NorthState shareholders will receive $80 in cash for each share of NorthState common stock they hold. The deal was announced on Thursday.
"The Segra team will build on NorthState's success by focusing on serving the customer first," said Segra CEO Tim Biltz, in a statement. "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."
Segra also announced that the close of the transaction marked the end of Royster Tucker's tenure as NorthState's president and CEO. According to his LinkedIn profile, Tucker was named CEO and president six years ago. During a 28-year career at NorthState, Tucker held numerous executive positions.
Segra owns and operates a fiber infrastructure network of more than 29,000 miles that connects over 10,000 locations and six data centers across 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 offers high-speed, fiber-based integrated telecommunications services to residential and small-to-medium sized business customers in portions of Virginia under the Lumos Networks brand name.
Segra was one of the 12 companies that was named to Vertical Systems Group's 2019 Challenge Tier last month. The fiber providers each qualified for the 2019 Challenge Tier by having between 2,000 and 9,999 U.S. fiber-lit commercial buildings.