Cox Communications, continuing its investment in network infrastructure providers of the last couple of years, closed its purchase of commercial fiber provider Unite Private Networks for an undisclosed price. UPN will be combined with earlier Cox acquisition Segra as a standalone company under CEO Kevin T. Hart, the former Cox technology chief.
Cox has been buying network infrastructure assets, also including cloud services providers RapidScale and Logicworks, after parent company Cox Enterprises shifted away from TV and radio station assets, selling majority stakes in the stations to Apollo Management Group in 2019. The UPN acquisition, though, goes back to 2016, when Cox bought a majority interest in partnership with Ridgemont Equity Partners and UPN management.
“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,” Cox Communications president Mark Greatrex said in a release. “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.”
“We’re committed to offering our commercial customers a full portfolio of services," was Hart's quote in the release. “Continuing to enable our customers to win in the marketplace by offering them best in class connectivity and business services is our top priority.”
UPN is based in Kansas, City, Missouri, and is in more than 300 communities across 21 states, with 12,000 fiber route miles and 9,500 end customer sites. It is one of the largest providers of fiber WAN services to K-12 school districts in the U.S., serving more than 250 school districts, connecting nearly 2 million students, Cox said. Segra and UPN will operate as separate brands for the near future, Cox said.
In the release boilerplate, Evercore acted as exclusive financial adviser to Cox Communications while 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 adviser to Ridgemont and Alston & Bird acted as legal counsel.
This story was updated to correct the company name of Unite Private Networks.
