Cox Communications has confirmed an agreement to acquire the regional fibre operator Segra from EQT Infrastructure in order to strengthen its enterprise and wholesale business. While no financial details were disclosed, earlier reports said the takeover is worth over USD 3 billion.
Cox will acquire Segra's commercial services segment, which serves nine states in the Mid-Atlantic and Southeast. Headquartered in Charlotte, North Carolina, Segra employs more than 1,200 people and provides broadband data services across a 26,000-mile fibre network to a variety of customers including wireless carriers, healthcare providers, local government agencies, financial institutions, education institutions, and residential customers.
EQT Infrastructure will retain ownership of Segra's FTTP residential and small- to medium-sized business segment in Virginia and North Carolina and accelerate the plan to expand broadband services to markets throughout these regions. Diego Anderson, Senior VP and General Manager of the operations, will serve as CEO of the new company. Under the brand names Lumos Networks and NorthState, the operator covers nearly 200,000 residential and SMB locations.
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, the company said.
Segra's existing management team will continue to lead the Segra enterprise and carrier organization following the acquisition, will retain the Segra brand and operate as a stand-alone business within the Cox group. The takeover remains subject to customary regulatory approvals and closing conditions and is expected to close later this year.
