HIGH POINT — North State Telecommunications Corporation (NorthState), a North Carolina-based provider of telecommunications, cloud, cybersecurity and other services, is one step closer to is being acquired by Segra,
NorthState recently announced shareholders “overwhelmingly approved” the proposed merger with a subsidiary of Segra, one of the largest independent fiber bandwidth companies in the eastern U.S.
The voting results indicate that 99.1 percent of votes cast were in favor of the merger agreement, representing 88 percent of NorthState’s outstanding voting shares.
Announced last December, the deal is estimated to be worth $240 million.
“We are very pleased with our shareholders’ enthusiastic approval of the merger and our progress towards beginning an exciting new chapter for NorthState as part of Segra,” said Royster Tucker III, president and chief executive officer of NorthState, in a statement.
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.