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Internet service provider company Time Warner Cable is set to acquire fiber optic network firm DukeNet in a deal with $600 million, the companies announced today.

DukeNet is a regional fiber network that supplies service to North Carolina, South Carolina, and five other states. The purchase will help TWC build out a ultra high-speed gigabit connection in the region.

And while expanding its fiber network seems like a no brainer, the move will help cement TWC as the second largest ISP in the country (Comcast being number one) with over 12 million subscribers. It will also help keep TWC competitive with other ISPs like AT&T’s Uverse and Google Fiber, which are also building out new gigabit-speed Internet networks.

As terms of the deal, TWC is offering the $600 million in cash to Duke Energy Corp, and Alinda Capital Partners, who each currently own a 50 percent stake in DukeNet. The sale is expected to be finalized by the first quarter of  2014.

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