Time Warner Cable announced this morning that it had wrapped up its $600 million acquisition of DukeNet Communications, which brought more than 8,700 route miles of fiber optics into the fold in North Carolina and South Carolina.
The deal, which was first announced in October, will aid Time Warner Cable Business Class (TWCBC) in providing voice, data and cloud-based hosting services to businesses in key markets. TWCBC said it plans on using the additional fiber capacity to further grow its carrier business, which provides network access to wireless providers.
“DukeNet and Time Warner Cable are perfect complements to each other and the customers we serve,” said Phil Meeks, executive vice president and chief operating officer for business services at Time Warner Cable. “We welcome our new customers and look forward to serving their communications needs with our network’s expanded reach, additional product offerings and enhanced level of customer service. We’re also very excited for our existing customers, as this additional fiber capacity will enable us to extend our fiber reach and help them connect to our network from more business locations.”
Time Warner Cable closed the deal, which included the repayment of debt, with Duke Energy Corporation and investment funds managed by Alinda Capital Partners, both of which had 50 percent stakes in DukeNet.
DukeNet, which was based in Charlotte, N.C., was a regional fiber optic network company serving customers in North Carolina and South Carolina, as well as five other states in the Southeast. DukeNet provided data and high-capacity bandwidth services to wireless carrier, data center, government, and enterprise customers.