Cox Communications says it has agreed to acquire the commercial services business unit of Charlotte, N.C.-based Segra for an undisclosed sum from EQT Infrastructure. The business unit serves commercial enterprise and carrier customers in nine states in the Mid-Atlantic and Southeast via fiber-optic network infrastructure. EQT will retain ownership of fiber to the premises (FTTP) assets that serve residential and small- to medium-sized business customers in Virginia and North Carolina. Cox did not predict when the deal would close; it is subject to the usual regulatory approvals and closing conditions.
Segra was created in 2019 when EQT combined two of its holdings, Lumos Networks and Spirit Communications (see "Segra new name for Lumos Networks, Spirit Communications combination"). The agreement follows similar Cox transactions over the past few years involving such companies as EasyTel, EdgeConneX, InSite Wireless, StackPath, Unite Private Networks, and ViaWest.
"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," commented 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."
Assuming the transaction closes successfully, Segra's commercial services group will continue to operate as a standalone business within Cox’s portfolio of companies. The existing management team will continue to lead the unit. Segra’s commercial services business currently offers Ethernet, MPLS, dark fiber, advanced data center services, IP and managed services, voice, and cloud services.
"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."
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