Cable- television operator, Time Warner Cable, will acquire outsourced Internet site hosting provider, NaviSite, The Wall Street Journal reports. The deal has been valued at $5.5 per share in cash, totaling to about $230 million.
The deal is expected to be completed by the second quarter of 2011. Time Warner Cable had appointed Deutsche Bank Securities and Paul, Weiss, Rifkind, Wharton & Garrison as advisors for the sale, while NaviSite had named BRL Law Group as advisor.
Click here for the release from Business Wire.