HIGH POINT – NorthState Telecommunications, a North Carolina-based provider of telecommunications, cloud, cybersecurity and other services, is being acquired by Segra in a deal worth $240 million.

Segra is part of MTN Infrastructure TopCo.

The deal, which values NorthState shares at $80 – well above Friday closing price of $61 for Class A and $59.50 for Class B shares.

The boards of both firms have already approved the deal.

“We believe the combination of our businesses will deliver immediate and compelling value for NorthState’s shareholders and customers. Segra is an outstanding company that will continue to grow our network footprint in the Piedmont Triad Region of North Carolina and provides a great fit for our growing IT services business,” said NorthState CEO Royster Tucker III.

The deal is expected to close in the second or third quarter on 2020.

Segra says it owns and operates an advanced fiber infrastructure network of more than 23,000 miles that connects more than 9,000 on-net locations and six data centers throughout nine Mid-Atlantic and Southeastern states.

“Both NorthState and Segra have great histories of infrastructure, innovation and service,” said Segra Chief Executive Officer Tim Biltz. Customers and businesses throughout our service area will benefit from an expanded network, enhanced products and a superior customer experience as a result of this transaction.”