Cox Communications plans to acquire the remaining interest in enterprise fibre provider UPN (Unite Private Networks).
The transaction is set to close by June 30th and aims to bring UPN and Segra, another business services company in which Cox has invested, together to form a new standalone company.
The move comes as part of Cox’s ongoing focus on expanding its business services portfolio. In recent years, Cox has made strategic investments in companies like Segra and Logicworks, a managed cloud services provider.
By acquiring the remaining interest in UPN, Cox aims to strengthen its position in the market and enhance its ability to offer a comprehensive range of commercial business services.
“We will bring UPN and Segra together to create a new, standalone company that continues to offer our customers a broad portfolio of commercial business services,” said Cox Communications President Mark Greatrex.
“I’d like to thank Ridgemont Equity Partners for their commitment, shared vision, and strategic insights. This partnership is a proof point of co-creating value and growth, and it’s a model we can continue to build upon in the future.”
Ridgemont Equity Partners played a crucial role in aligning UPN’s management team, private capital, and board leadership, ultimately contributing to the company’s success.
“We also benefited from the strong strategic partnership with Cox Communications in 2016 to extend and enhance our original investment and create the market leader UPN is today,” commented George Morgan, Senior Advisor at Ridgemont Equity Partners.
Under the leadership of Segra CEO Kevin Hart, the newly formed company will continue to provide customers with a broad portfolio of commercial business services. Jason Adkins, CEO of UPN, will join the new company as its president, reporting directly to Hart.
To complete the acquisition, the transaction must undergo customary regulatory approvals and closing conditions.
Evercore, a leading global investment banking advisory firm, served as the exclusive financial advisor to Cox Communications, while Eversheds Sutherland provided legal counsel.
UPN was represented by Morgan, Lewis & Bockius LLP and Dentons US LLP. Ridgemont received financial advice from Bank Street Group LLC and legal counsel from Alston & Bird.
This acquisition marks another significant milestone for Cox Communications as it continues to expand its presence in the business services sector. By leveraging the expertise and resources of UPN and Segra, the new company aims to deliver enhanced solutions and support to its customers.
(Photo by Compare Fibre on Unsplash)
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