EQT expands in US with takeover of Spirit Communications

Wednesday 9 August 2017 | 16:56 CET | News

The EQT infrastructure investment fund is continuing its expansion along the east coast of the US with an agreement to buy a majority stake in Spirit Communications, a fibre network operator active in the Carolinas and Georgia. The current owners will retain a "significant stake" after the deal; no financial details were disclosed.

Founded in 1985, Spirit operates a network of over 9,000 miles of fibre and serves thousands of customers across 17 metro markets. The network is directly connected to over 2,400 buildings as well as over 2,500 cell sites. It targets business, public sector and telecom operator customers. 

Spirit CEO Robert Keane and Chairman Brian Singleton will stay with the company as board members. Keane said the Spirit spent several months searching for a new partner and was confident EQT would help support the company's further growth. 

EQT also recently agreed to acquire the mid-Atlantic operator Lumos Networks, which targets market segments similar to Spirit. The company said it's hoping to use the operators as a platform for growth in the US, capitalising on the underlying macro trends of growing data traffic and increasing data bandwidth needs.  

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