Time Warner Cable has agreed to acquire DukeNet Communications for $600 million in cash, including the repayment of debt.
DukeNet Communications, which is a subsidiary of Duke Energy Corporation, operates a regional fiber optic network company serving customers in North Carolina and South Carolina, as well as five other states in the Southeast. Its fiber network spans over 8,700 miles and provides high-capacity services to wireless carrier, data center, government, and enterprise customers. Duke Energy owns 50 percent of DukeNet. The Alinda investment funds own the remaining 50 percent.
"Business Services is a key growth area for Time Warner Cable and this acquisition will greatly enhance our already growing fiber network to better serve customers, particularly those in key markets in the Carolinas," said Phil Meeks, Executive Vice President and COO of Business Services for Time Warner Cable. "This acquisition will help us expand our fiber footprint at a price that is consistent with our disciplined approach to M&A, accounting for expected synergies and tax benefits."