Technology

Internet service provider with presence in Harnett County selected to become basis of joint venture between EQT and T-Mobile

By Staff Report, posted 1 month ago

Nearly a year after Lumos, a leading 100 percent Fiber Optic Internet service provider, announced that they would invest over $50 million to bring their internet services to residents and businesses in Harnett County, the business is now making headlines again. 

Lumos recently announced that its owner, EQT, and T-Mobile will together acquire Lumos through a joint venture (JV). The JV will create a platform to deliver best-in-class high-speed internet connectivity to nearly 2 million households by 2026, including many underserved markets across the U.S., leveraging EQT’s specialization in fiber infrastructure investments, T-Mobile’s sales and marketing capacity and Lumos’s ability to rapidly deploy a future-proof fiber network.

"We are excited to join forces with T-Mobile as part of this exciting next chapter in Lumos' growth journey. By combining EQT's digital infrastructure and fiber expertise, T-Mobile's brand power and sales and marketing machine, and Lumos' expertise in rapidly scaling critical fiber broadband infrastructure, we're well-positioned to help bridge the digital divide and provide fiber access to underserved households and businesses," said Nirav Shah, Partner within EQT's Infrastructure Advisory Team, in a press release.

The transaction is expected to close in late 2024 or early 2025, subject to customary closing conditions and regulatory approvals. Both T-Mobile and EQT Infrastructure VI are each expected to invest approximately $1 billion to acquire Lumos. T-Mobile will also acquire existing Lumos customers at close for a predetermined fee. This investment, along with additional debt financing, is expected to provide the joint venture the funds necessary for anticipated expansion to reach nearly 2 million homes by the end of 2026.

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