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Cox completes buyout

Thu, 12/02/2004 - 7:00pm
Jeff Baumgartner

Cox Holdings Inc. and subsidiary Cox Enterprises Inc. (CEI) have polished off a deal to acquire the outstanding publicly held shares of Cox Communications (CCI) Class A stock at $34.75 per share.

The deal, valued at approximately $6.6 billion, privatizes the nation's third-largest MSO, which serves roughly 6.3 million basic cable subs. The final price tag came at a small premium, as Cox Communications shares closed Thursday at $34.72.

The tender totaled more than 189.6 million shares, giving CEI more than 90 percent ownership of CCI Class A shares. CEI intends to make CCI a wholly-owned subsidiary.

CEI said the agreement will boost Cox Communications' competitive position.

"This structure will allow us to focus on delivering high-quality service to our communities and customers as well as [on] our long-term business objectives and growth," said CEI Chairman and CEO James Kennedy, in a statement.

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