Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Time Warner Cable to Buy Fiber Optic Company for $600 Million From Duke Energy and Alinda Capital Partners

Time Warner Cable (UNKNOWN: TWC.DL  ) announced today that it will acquire Duke Energy (NYSE: DUK  ) and Alinda Capital Partners' jointly owned fiber optics company, DukeNet, for $600 million in cash and debt repayments.  

DukeNet's network spreads 8,700 miles of fiber-optic cable across seven Southeast states, and provides services to various customers, from wireless carriers to government.

Duke Energy's sale of its 50% stake represents a step toward focusing more exclusively on energy operations. "This is a positive transaction for Duke Energy," said Marc Manly, president of Duke Energy's commercial business group, in a statment. "The sale completes Duke Energy's transition out of DukeNet, which although a growing operation, is a non-core business to our company."

For Time Warner, the acquisition is expected to expand key growth areas. Phil Meeks, executive vice president and COO of business services for Time Warner Cable, said in a statement:

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. 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.

The deal is expected to close in the first quarter of 2014.



Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2670929, ~/Articles/ArticleHandler.aspx, 9/26/2016 10:24:48 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,133.56 -127.89 -0.70%
S&P 500 2,155.24 -9.45 -0.44%
NASD 5,269.63 -36.12 -0.68%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/26/2016 10:09 AM
DUK $82.51 Down -0.02 -0.02%
Duke Energy CAPS Rating: ***
TWC.DL $0.00 Down +0.00 +0.00%
Time Warner Cable CAPS Rating: **