Cox Enterprises (and subsidiary Cox Communications) said it has invested in InSite Wireless Group, a company that owns, operates and manages wireless communication tower site facilities and distributed antenna systems (DAS) across the United States, Puerto Rico and the U.S. Virgin Islands.
The deal wraps one of the last remaining details of Cox’s failed attempt to build its own cellular network – what to do with its transmission towers.
With the investment in InSite, Cox Communications will contribute approximately 150 of its existing wireless towers, while parent Cox Enterprises will make an unspecified cash investment in InSite.
Jamie Kennedy, vice president of corporate development for Cox Enterprises, described the new partnership as an example of Cox's strategy of helping build growth for 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.
Making lemonade out of lemons, Cox unloads its cell towers and gets an investment in a growth company.