Charter Communications Inc. agreed to sell its unit Navisite LLC to RDX, a provider of managed IT services owned by investment firm Madison Dearborn Partners LLC.
Following the transaction, RDX will own and operate the assets including client relationships, employees, fixed assets, leases and Navisite-operated facilities. The transaction, financial terms of which were not disclosed, is expected to close within the next few weeks.
"As part of our ongoing prioritization and refinement of our portfolio, this divestiture will accelerate the execution of our strategy to serve America's largest businesses and communications service providers as a national service provider of scalable fiber-based technology solutions," Phil Meeks, executive vice president and president of Charter's Spectrum Enterprise, said in an Aug. 26 statement.
Citi served as lead financial adviser to Charter in connection with the transaction.
