Stockholm-based alternative investment firm EQT Infrastructure has signed a definitive agreement to acquire a majority stake in Spirit Communications from its founding partners, who will retain a significant ownership interest in the company. The parties have agreed not to disclose financial details of the transaction, which is subject to customary regulatory approval and other closing conditions.
Founded in 1985, Spirit is a leading pure-play provider of fibre-based data and broadband services to enterprises, governments, and wireless carriers in the Carolinas and Georgia. The company’s network is comprised of over 9,000 miles of fibre and serves thousands of customers across 17 metro markets. Spirit’s fibre is directly connected to over 2,400 buildings as well as over 2,500 cell sites. EQT Infrastructure says that it will invest in the continued development of Spirit’s fibre footprint and services.
TeleGeography notes that Spirit Communications is the second US operator to strike a deal with EQT this year. In February the Scandinavian company agreed to pay USD950 million for Lumos Networks, a fibre-based service provider active in Virginia, Pennsylvania, West Virginia, Maryland, Ohio and Kentucky.