In a move that will expand its customer base, Time Warner Cable (TWC) is buying DukeNet Communications for $600 million.
From USA Today:
Charlotte-based DukeNet specializes in providing data and high-capacity bandwidth services to wireless carriers, data centers, governments and other businesses in North Carolina and South Carolina, as well as five other states in the Southeast. Its fiber optic network covers 8,700 miles in the region.
One of the country’s largest electric power providers–Duke Energy (DUK)–has current 50% ownership in DukeNet.
The rest is owned by the investment firm Alinda Capital Partners, with a portfolio of infrastructure companies.
The deal will be closed in the early part of 2014.
Shares of TWC fell in morning trading.