Thursday, June 24, 2010

Duke Energy Forms Joint Venture to Grow Communications Business

Duke Energy Corp., Alinda Capital Partners and DukeNet Communications LLC today announced the formation of a joint venture to grow DukeNet. An affiliate of Alinda will acquire 50 percent of the ownership interests in DukeNet from an affiliate of Duke Energy in exchange for $137 million in cash. Duke Energy, through it affiliate, will continue to own the remaining 50 percent in DukeNet.

The deal is expected to close in the third quarter of 2010.

DukeNet is one of the largest wholesale fiber-based carriers in the Southeastern U.S. It operates more than 5,300 miles of fiber network.