Power company Duke Energy said Friday that it has taken on a partner to help expand its fiber optic network in the Southeast.
Duke, based in Charlotte, N.C., said an affiliate of Alinda Capital Partners LLC, an independent private investment firm, will buy a 50 percent ownership of DukeNet Communications for $137 million. Duke will continue to own the other half.
Brad Davis will remain as president of DukeNet and his management team will continue to run the joint venture's day-to-day operations. The deal is expected to close by Sept. 30.
DukeNet controls about 5,300 miles of fiber optic network. It offers services including data center connectivity, cellular backhaul bandwidth and Ethernet services.
Duke Energy serves about 4 million customers in the Carolinas, Ohio, Kentucky and Indiana.
Duke Energy shares fell 5 cents to $16.10 in morning trading Friday.
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