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Time Warner Cable has a deal in place to buy DukeNet Communications for $600 million, including repayment of debt.

Charlotte, N.C.-based DukeNet is a regional fiber-optic network company that serves customers in North Carolina and South Carolina, as well as five other states in the Southeast. Its fiber network covers 8,700 miles.

DukeNet provides data and high-capacity bandwidth services to wireless carrier, data center, government, and enterprise customers. Time Warner is buying the assets from Duke Energy and Alinda Capital Partners, which each own half of DukeNet.

“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, EVP 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.”

DukeNet launched its first channel program a little more than a year ago.

The transaction is expected to close in the first quarter of 2014 and must still get regulatory approval.

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