Time Warner Cable and NaviSite have entered into an agreement for Time Warner Cable to acquire NaviSite, a provider of enterprise-class hosting, managed application, messaging and cloud services, for $5.50 per share in cash, or a total equity value of approximately $230 million.

“Our commercial services business is a key growth driver for the company and one in which we continue to see great opportunity,” said Glenn Britt, chairman and CEO of Time Warner Cable, in a statement.  “NaviSite provides us with a successful managed services business and a new, innovative managed cloud platform representing significant new growth opportunities.”

The acquisition provides Time Warner Cable Business Class an immediate presence in the managed services market with NaviSite’s more than 1,200 customers.

The transaction is expected to close in the second calendar quarter of 2011 and is subject to NaviSite stockholder approval, expiration or early termination of the Hart-Scott-Rodino antitrust waiting period and other customary closing conditions.

NaviSite employs approximately 570 people worldwide. It operates ten data centers in the United States and the United Kingdom, including two SAS 70 Type II certified data centers, and network operations centers in Gurgaon, India and Andover, Massachusetts.

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