Time Warner Cable is set to buy DukeNet Communications, a regional fiber optic network company serving customers in North Carolina and South Carolina and five other states in the Southeast, for $600 million in cash.

The American cable major on Monday announced its definitive agreement with Duke Energy Corporation (DUK) and investment funds managed by Alinda Capital Partners which have 50 percent stake each in DukeNet.

DukeNet, based in Charlotte, N.C., has 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, said Time Warner Cable on Monday.

“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.

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