This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Time Warner Cable To Acquire Regional Fiber Optic Network Company DukeNet Communications

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

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

“Business Services is a key growth area for Time Warner Cable and this acquisition will greatly enhance our already growing fiber network to better serve customers, particularly those in key markets in the Carolinas,” said Phil Meeks, Executive Vice President and COO of Business Services for Time Warner Cable. “This acquisition will help us expand our fiber footprint at a price that is consistent with our disciplined approach to M&A, accounting for expected synergies and tax benefits.”

"This is a positive transaction for Duke Energy,” said Marc Manly, president of Duke Energy’s Commercial Business group. “The sale completes Duke Energy’s transition out of DukeNet, which although a growing operation, is a non-core business to our company.”

“We are pleased to have been co-owner of DukeNet and partner with Duke Energy through a very exciting time in the development of telecommunications infrastructure generally, and DukeNet’s business specifically,” said Alinda’s managing partner, Chris Beale. “We believe DukeNet is well-positioned to continue its record of strong growth.”

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. RBC Capital Markets, LLC advised Duke Energy and Alinda on the sale of DukeNet, and Moore & Van Allen PLLC provided legal counsel. Edwards Wildman Palmer LLP provided legal counsel to Time Warner Cable.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,071.22 -41.93 -0.24%
S&P 500 1,977.80 -5.05 -0.25%
NASDAQ 4,505.8520 -6.3420 -0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs