Time Warner Cable said Monday that it is buying DukeNet Communications for $600 million in cash.

DukeNet, a fiber optic network company based in Charlotte, provides data and bandwidth services to wireless carriers, data centers and other businesses and customers in North Carolina, South Carolina and five other states in the Southeast.

“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, chief operating officer 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.”

[Analysis: What TWC’s DukeNet buy means for NC broadband market.]

The cable firm operates in most major North Carolina metropolitan areas.

Time Warner Cable is buying DukeNet from energy company Duke Energy Corp., which owns 50 percent of the company, and investment firm Alinda Capital Partners, which owns the other half.

Duke described DukeNet as a “non-core business” in making the sale.

“This is a positive transaction for Duke Energy,” said Marc Manly, president of Duke Energy’s Commercial Business group. “The sale completes Duke Energy’s transition out of DukeNet, which although a growing operation, is a non-core business to our company.”

The deal is expected to close in the first quarter of 2014, pending regulatory approvals.