Cox Communications has completed the acquisition of commercial fiber provider, Unite Private Networks. UPN and Cox-owned Segra will form a new standalone fiber company to accelerate growth in the company’s commercial fiber solutions.
“We’ll draw upon the successes of Segra and UPN, in addition to the rich history and values of Cox as we form our new fiber infrastructure company,” said Mark Greatrex, president, Cox Communications. “Bringing Segra and UPN together into a standalone fiber platform will enhance our ability to serve our customers with an expanded footprint and greater network capacity.”
Cox became the majority owner of UPN in 2016 in partnership with Ridgemont Equity Partners and the UPN management team.
“Our partnership with Cox Communications drove innovation, optimized operations, and fostered long-term sustainability,” said George Morgan, senior advisor, Ridgemont Equity Partners. “Collaboration like this allows us to forge a path towards mutual success, shaping industries and making a lasting impact in the ever-evolving business landscape.”
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Kevin T. Hart leads the newly combined company as chief executive officer, and Jason Adkins serves as president, reporting to Hart.
“We’re committed to offering our commercial customers a full portfolio of services,” said Kevin T. Hart, chief executive officer of the new company. “Continuing to enable our customers to win in the marketplace by offering them best in class connectivity and business services is our top priority.”
“By bringing Segra and UPN together, we strengthen our ability to provide lightning-fast speeds and enhanced reliability over fiber infrastructure,” said Jason Adkins, president of the new company. “This opens new doors for businesses and communities across our network.”
Cox acquired Segra in 2021, and Cox has invested in additional business services companies including cloud and managed IT services providers RapidScale and Logicworks.
Evercore acted as exclusive financial advisor to Cox Communications in this transaction and Eversheds Sutherland acted as legal counsel. UPN was represented by Morgan, Lewis & Bockius LLP and Dentons US LLP. Bank Street Group LLC acted as exclusive financial advisor to Ridgemont and Alston & Bird acted as legal counsel.
SOURCE: PRNewswire