New York – Time Warner Cable (NYSE: TWC) announced on Wednesday that it
will acquire NaviSite, a provider of Web hosting, application, messaging and
cloud services for businesses, in a deal valued at $230 million.
The purchase
price of $5.50 per share represents a 33% premium over NaviSite’s closing share
price on Tuesday.
Founded in 1998, Andover, Mass.-based NaviSite operates 10
data centers in the U.S. and U.K., employing 570 people worldwide.
Time Warner
Cable said NaviSite’s 1,200 customers will give it a presence in the managed
services market.
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