Cox Communications Sells its Stake in Flextech plc.Business Editors ATLANTA--(BUSINESS WIRE)--MARCH 15, 2000 Cox Communications Cox Communications is a privately owned subsidiary of Cox Enterprises providing digital cable television and telecommunications services in the United States. It is the third-largest[2] cable television provider in the United States, serving more than 6. , Inc. (NYSE NYSE See: New York Stock Exchange : COX) announced today that it has sold its 13% interest in Flextech plc through a private placement with institutional investors. Proceeds from the sale will total approximately $520 million. Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. International was the sole bookrunner for the sale. "This transaction is part of our ongoing strategy of maximizing the value of our investment portfolio to support our core business objectives," said Jimmy Hayes For other persons of the same name, see James Hayes. James Allison "Jimmy" Hayes (born December 21, 1946) is a Republican politician from the state of Louisiana. , Cox Communications' Executive Vice President of Finance and Administration, and Chief Financial Officer. "We will reinvest the proceeds to advance our domestic business initiatives, including Cox's aggressive evolution into a full-service communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. offering powerful video, voice and data services delivered via our advanced broadband network." In 1992 and 1993, Cox became one of the original investors in the cable programming services, UK Gold and UK Living. In 1997, Flextech purchased both channels, at which time Cox assumed a 13% interest. Cox Communications serves approximately 6 million customers nationwide, making it the nation's fifth largest cable television company. A full-service provider of telecommunications products, Cox offers an array of services, including Cox Cable; local and long distance telephone services under the Cox Digital Telephone brand; high-speed Internet See broadband. access via Cox@Home, Cox Road Runner and Cox Express; advanced digital video programming services under the Cox Digital Cable brand; and commercial voice and data services via Cox Business Services. Cox is an investor in telecommunications companies including Sprint PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. and Excite@Home, as well as programming networks including Discovery Channel, The Learning Channel, Outdoor Life and Speedvision. More information about Cox Communications can be accessed on the Internet at www.cox.com. |
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