The second largest US cable company, Time Warner Cable Inc, agreed to purchase fiber optic network provider DukeNet Communications LLC. The price for the purchase was at USD600 million in cash and purpose of that acquisition is to expand Time Warner's business services into Southeastern United States.

The business is being purchased from Duke Energy Corp and investment fund manager Alinda Capital Partners. The deal would also include debt repayment, according to a statement, is expected to be completed by the first quarter of 2014 when it passes regulatory requisites.

DukeNet operates a fiber optic network stretching 8,700 miles for wireless carriers, data centers, corporate clients and government offices. With the acquisition, Time Warner Cable plans to utilize DukeNet to expand its business services into North and South Carolina and five other states.

According to Time Warner Cable's COO of Business Services Phil Meeks, "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."