Cox Communications – the largest privately held cableco in the US – is in advanced talks to buy the enterprise business of fibre provider Segra from Stockholm-based EQT, Bloomberg reports, citing people familiar with the matter. The deal is likely to be valued at more than USD3 billion, including debt. A transaction could be announced as soon as this week, though talks could still fall apart and end without an agreement, the sources noted. Segra has no plans to divest its residential business, the report adds.
Segra was formed in 2018 via the EQT-backed merger of Lumos Networks and Spirit Communications; the enlarged entity was rebranded as Segra in 2019. The company claims to be one of the largest independent fibre operators in the Eastern US, with a service footprint that covers the Mid-Atlantic and Southeast.