Cox Enterprises, Inc. (CEI) and its subsidiary Cox Communications (CCI) today announced an investment in InSite Wireless Group, LLC (“InSite”). Under terms of the agreement, CCI will contribute approximately 150 of its existing wireless towers while CEI will make an additional cash investment in InSite.
“InSite, its investors, and its employees are enthusiastic about this new relationship with Cox,” said David E. Weisman, president and CEO of InSite. “We view this as a unique opportunity not only to add to our current tower portfolio, but also to continue the strong growth of both our tower and DAS divisions as we benefit from Cox’s equity investment, as well as their knowledge and expertise in the communications sector.”
The transaction is scheduled to close May 31, 2012. Wells Fargo served as financial advisor to Cox and Dow Lohnes PLLC provided legal counsel. InSite was represented by Kirkland & Ellis LLP and Sullivan & Worcester LLP, with advisory assistance from InSite investor Catalyst Investors.