Time Warner Cable To Buy DukeNet Communications In $600 Mln Deal - Quick Facts

(RTTNews) - Time Warner Cable Inc. (TWC) announced that it has entered into a definitive agreement with Duke Energy Corp. (DUK) and investment funds managed by Alinda Capital Partners to buy DukeNet Communications LLC for $600 million in cash, including the repayment of debt.

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

DukeNet, based in Charlotte, N.C., is a regional fiber optic network company serving customers in North Carolina and South Carolina, as well as five other states in the Southeast. With a fiber optic network of over 8,700 miles, DukeNet provides data and high-capacity bandwidth services to wireless carrier, data center, government, and enterprise customers.

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