Oct 9 2013, 4:45am CDT | by Sumayah Aamir
Time Warner Cable is the #2 cable company in the United States. It has assented to acquire DukeNet, a fiber optic giant. The sum of money it will pay in return is a whopping $600 million. The acquisition will be taking place from Duke Energy Corporation and Alinda Capital Partners. The deal will be sealed by next year. DukeNet provides services for wireless companies, information hubs, government clientele and corporate interests.
Time Warner Cable meanwhile wants to employ the services of DukeNet in order to expand its business in several southern states. These include North and South Carolina. This is the latest acquisition by Time Warner Cable after its merger with NaviSite Incorporated for $230 million.
Phil Meeks, Executive Vice President and COO of Business Services for Time Warner Cable , said, “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.”
Fiber optics has taken the world by storm ever since the Internet Revolution began in the late 90s. The fact that via light signals messages can be relayed at such superior speed standards is a modern day miracle in itself. The world is literally becoming a global village thanks to the connections in communication that have grown so profusely in recent decades.
And Time Warner Cable is at the start of a journey that will take it into new worlds of digital daring. With DukeNet being a feather in its cap, the company is ready to roll with the times. And that is because time itself is on its side.
Marc Manly, president of Duke Energy ’s Commercial Business group, said, "This is a positive transaction for Duke Energy,” “The sale completes Duke Energy’s transition out of DukeNet, which although a growing operation, is a non-core business to our company.”
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