A Boston-based private equity firm Abry Partners has put in a $1.2 billion bid to buy competitive cable provider RCN and RCN has conditionally accepted.
The transaction is subject to all the normal rules and regulations, including one that says RCN may solicit third party proposals through April 14. If all goes as planned Abry would take control by the second half of this year and each RCN shareholder would get $15 per share.
RCN, which also operates RCN Business Services, operates primarily in the Philadelphia, Lehigh Valley, Pa., New York City, Boston and Chicago service areas competing against incumbent cable and telco providers.
For more:
- see this release [1]
Related articles
SEC filing [2]: Grande has potential buyer
RCN abandons bid for FiberNet Telecom - FierceTelecom [3]
RCN Metro: This Ethernet connection goes to 10 Gbps [4]
Links:
[1] http://www.fiercewireless.com/press-releases/rcn-corporation-be-acquired-abry-partners
[2] http://www.fiercetelecom.com/story/sec-filing-grande-has-potential-buyer/2009-04-08
[3] http://www.fiercetelecom.com/story/rcn-abandons-bid-fibernet-telecom/2009-07-10
[4] http://www.fiercetelecom.com/story/rcn-metro-ethernet-connection-goes-10-gbps/2009-09-02