EQT’s Infrastructure III fund is to sell Segra’s Commercial Services Business to Cox Communications (Cox). EQT Infrastructure will retain Segra’s residential and SMB business, which operates under the Lumos Networks and NorthState brands.
Headquartered in Charlotte, North Carolina, Segra employs more than 1,200 people and provides broadband data services across a 26,000-mile fibre network to a variety of customers including wireless carriers, healthcare providers, local government agencies, financial institutions, education institutions, and residential customers. Ongoing digitalisation and outsourcing trends are driving demand for broadband services, particularly in rapidly growing US metro markets such as the ones Segra serves. Together with the management team, EQT supported Segra in its organic and inorganic growth strategies and integration success to develop into the leading super regional fibre company it is today.
At the same time, EQT and the management team scaled Segra’s residential and SMB business by building out fibre to existing and new customers as well as through strategic add-on acquisitions. Following the transaction, EQT plans to significantly accelerate the build-out of fibre-to-the-premise (FTTP) throughout the region, bringing high speed fibre bandwidth for the first time to a large number of markets, many of which to date, have been disadvantaged by no or low availability of quality high speed broadband connectivity.
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