Cox Communications has entered into a definitive agreement to acquire Charlotte, N.C.-based Segra, a privately-held fiber infrastructure providers in the U.S.
Cox will acquire Segra’s commercial services segment, which is a super-regional, fiber-based provider serving commercial enterprise and carrier customers in nine states in the Mid-Atlantic and Southeast. The company’s dense metropolitan fiber network provides technology services. As part of the transaction, EQT Infrastructure will retain ownership of Segra’s fiber-to-the-premise residential and small- to medium-sized business segment in Virginia and North Carolina and will aim to accelerate the plan to expand broadband services to neighborhoods and markets throughout their regions.
“Cox is focused on buying and investing where it makes sense, and we believe that the demand for broadband infrastructure will continue to grow, making fiber an attractive area for long-term investment,” said Pat Esser, president and CEO, Cox Communications. “Acquiring Segra’s commercial services business is another key milestone in our pursuit of strategic infrastructure to ensure that we’re providing the best products and services to our customers.”
In the last few years, Cox network infrastructure investments have included EasyTel, EdgeConneX, InSite Wireless, StackPath, Unite Private Networks and ViaWest. The Segra acquisition supports that ongoing focus.
“Our relationship with Cox will allow Segra to leverage expert resources, capabilities and strategic insights in order to scale up operations and accelerate long-term growth,” said Timothy Biltz, CEO of Segra. “Cox and Segra are equally devoted to the communities we serve. We will be even more strongly positioned to meet growing demand from carrier and enterprise customers for high-bandwidth fiber-infrastructure solutions. I would also like to thank EQT for its continued guidance and invaluable support as we worked to grow the business over the last nearly four years.”
Bank Street Group LLC and Goldman Sachs and Co. LLC acted as financial advisors and Simpson Thacher & Bartlett LLP acted as legal advisor to Segra in connection with the transaction.