Cox Communications has entered into a definitive agreement to acquire Charlotte, North Carolina-based Segra, one of the largest privately held fiber infrastructure providers in the United State.
Cox will acquire Segra’s commercial services segment, which is a leading 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 enhanced technology solutions and a commitment to a superior customer experience.
As part of the transaction, EQT Infrastructure will retain ownership of Segra’s fiber-to-the-premise (FTTP) residential and small- to medium-sized business segment in Virginia and North Carolina and 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.
Segra’s existing management team will continue to lead the Segra enterprise and carrier organization following the acquisition, and it will retain the Segra brand and operate as a stand-alone business within the Cox family of companies.
The transaction is subject to customary regulatory approvals and closing conditions. 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.