Cox Communications has acquired Charlotte, N.C.-based Segra, one of the largest 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.
“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 of 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’s network infrastructure investments have included EasyTel, EdgeConneX, InSite Wireless, StackPath, Unite Private Networks and ViaWest. The Segra acquisition would support that ongoing focus. Financial terms of the Segra deal were not disclosed.
“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, Chief Executive Officer (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.”
Segra’s existing management team will continue to lead the Segra enterprise and carrier organization following the acquisition. 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 and Goldman Sachs and Co. acted as financial advisors while Simpson Thacher & Bartlett acted as legal advisor to Segra in connection with the transaction.