Time Warner Cable has entered a definitive agreement to buy DukeNet Communications for $600 million in cash.
The deal announced on Monday, which will also include the repayment of debt, will help the New York-based cable giant to expand its fiber offering to North Carolina and South Carolina, including five other states across the U.S. eastern seaboard and the southeast.
DukeNet provides high-bandwidth data services to wireless carriers, datacenters, government, and enterprise customers over its network of more than 8,700 miles.
The fiber firm is described as a "non-core business" to Duke Energy, according to its commercial business group president Marc Manly.
DukeNet is split evenly down the middle, part owned by Duke Energy and Alinda Capital Partners.
The deal is expected to close in the first quarter of 2014. Time Warner Cable said it expects the deal will likely be subject to U.S. regulatory scrutiny.