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Time Warner Cable to buy DukeNet

It has been announced that Time Warner Cable and Duke Energy have entered into a formal agreement to buy fiber optic network provider DukeNet Communications for USD 600 million in cash, including the repayment of debt.

The transaction, which is expected to close in the first quarter of 2014, is subject to various customary closing conditions, including receipt of regulatory approvals.

DukeNet serves customers in North Carolina and South Carolina, as well as five other states in the Southeast, and its fibre network spans 8,700 miles, providing data and high-capacity bandwidth services to wireless carrier, data centre, government and enterprise customers.

Duke Energy owns 50 percent of DukeNet. Alinda investment funds own the remaining 50 percent.

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