ATLANTA and ALEXANDRIA, Va., April 19, 2012 /PRNewswire/ -- Cox Enterprises, Inc. (CEI), a leading communications, media and automotive services company and its subsidiary Cox Communications (CCI), the nation's third largest cable and broadband company, today announced an investment in InSite Wireless Group, LLC ("InSite"), owner, operator and manager of wireless communication tower site facilities and distributed antenna systems (DAS) across the United States, Puerto Rico, and the U.S. Virgin Islands. 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. Terms of the agreement were not immediately released.
Jamie Kennedy, vice president of Corporate Development for CEI, describes the new partnership as an example of Cox's strategy of helping build growth businesses within the technology, media and telecommunications sectors.
"The investment we're announcing is not only in InSite's business, but also its people. The wireless tower industry continues to see significant opportunities for growth, and InSite's experienced management team has a successful history of capitalizing on these opportunities. Not only do they share our outlook on growing the business, but they also share similar values and goals with our other Cox companies. We look forward to working with them in the years to come," Kennedy said.
"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 Securities, LLC 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.
About Cox Enterprises
Cox Enterprises is a leading communications, media and automotive services company. With revenues of nearly $15 billion and more than 50,000 employees, the company's major operating subsidiaries include Cox Communications, Inc. (cable television distribution, telephone, high-speed Internet access, commercial telecommunications and advertising solutions); Manheim, Inc. (vehicle auctions, repair and certification services and web-based technology products); Cox Media Group, Inc. (television and radio stations, digital media, newspapers, advertising sales rep firms, Valpak and Cox Digital Solutions); and AutoTrader.com (online automotive advertising and Kelley Blue Book, vAuto, HomeNet Automotive and Vin Solutions subsidiaries). Additionally, Cox operates Kudzu.com
About Cox Communications
Cox Communications is a broadband communications and entertainment company, providing advanced digital video, Internet and telephone services over its own nationwide IP network. The third-largest U.S. cable TV company, Cox serves more than 6 million residences and businesses. Cox Business is a facilities-based provider of voice, video and data solutions for commercial customers, and Cox Media is a full-service provider of national and local cable spot and new media advertising.
Cox is known for its pioneering efforts in cable telephone and commercial services, industry-leading customer care and its outstanding workplaces. For seven years, Cox has been recognized as the top operator for women by Women in Cable Telecommunications; for five years, Cox has ranked among DiversityInc's Top 50 Companies for Diversity. More information about Cox Communications, a wholly owned subsidiary of Cox Enterprises, is available at www.cox.com and www.coxmedia.com.
About InSite Wireless Group, LLC
InSite Wireless Group, LLC develops, owns, and operates communications wireless infrastructure facilities primarily for the wireless and broadcast industries. Established by the founders of Mountain Union Telecom LLC, InSite Wireless Group began in December 2000 as InSite Wireless, LLC, a company focusing on the in-building segment of wireless infrastructure. The company built and launched its first DAS at the Moscone Center in San Francisco in 2001, and has developed and operates additional DAS projects in convention centers, hotels and casinos, airports, sports stadiums, and transit systems like the MBTA Boston subway system. In 2006, InSite Wireless Group was formed as the parent organization to InSite Wireless, LLC, and the tower division—InSite Towers, LLC—was created. Today InSite Towers is one of the top 10 U.S. tower companies (as ranked by RCR Wireless) and develops, manages, owns, and operates more than 460 telecommunications towers and sites for wireless carriers across the United States, Puerto Rico, and the U.S. Virgin Islands (prior to closing on the Cox transaction). More information on InSite's business can be found at www.insitewireless.com.
SOURCE Cox Enterprises, Inc.