Cox Communications Inc. said it would buy the commercial unit of the U.S. fiber provider Segra, which is backed by private equity firm EQT AB.
Terms of the deal weren’t disclosed in statements Tuesday by Cox and EQT that confirmed an earlier Bloomberg News report. People familiar with the matter said the transaction valued the Segra division at more than $3 billion, including debt.
“Demand for broadband infrastructure will continue to grow, making fiber an attractive area for long-term investment,” Cox Communications Chief Executive Officer Pat Esser said in his company’s statement.
By Liana Baker and Crystal Tse
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