Cox Communications, the largest private broadband company in America, has recently announced its plan to acquire the remaining interest in Unite Private Networks (UPN), a prominent provider of enterprise fibre services. The acquisition is expected to be finalized by June 30, subject to customary regulatory approvals and closing conditions.
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Creating a New Stand-Alone Company
According to the statement, The move aims to bring together UPN and Segra, another business services company Cox has invested in, to establish a new, stand-alone entity. This new company will focus on offering a comprehensive portfolio of commercial business services to meet the evolving needs of customers.
Cox Communications also acknowledged the support and shared vision provided by Ridgemont Equity Partners, emphasising the potential for co-creating value and driving growth through strategic partnerships.
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Leadership and Reporting Structure
The leadership structure of the new company has been outlined, with Kevin Hart, CEO of Segra, appointed as the CEO of the merged entity. Jason Adkins, the current CEO of UPN, will report to Hart as the President of the new company. This leadership arrangement aims to leverage the expertise and experience of both teams to propel the growth and success of the venture.
Cox's Strategic Investments in Business Services
Cox's acquisition of the remaining interest in UPN further reinforces its commitment to expanding its business services portfolio. In recent years, Cox has made strategic investments in companies like Segra and Logicworks, a managed cloud services provider. The acquisition of UPN in 2016 marked Cox's majority ownership, and the latest transaction solidifies its focus on business services growth.
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The completion of the acquisition is subject to customary regulatory approvals and closing conditions. The acquisition of UPN by Cox Communications strengthens presence in the business services sector and enhances its offerings to customers.
Cox and Unite Private Networks
Cox Communications serve nearly seven million homes and businesses across 18 states. Unite Private Networks (UPN) provides fiber-optic communications infrastructure services to schools, governments, carriers, data centers, hospitals, and enterprise business customers. UPN currently serves over 300 communities across 21 states, with 12,000 fiber route miles and 9,500 end customer sites.