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Technology Stocks : Ascend Communications-News Only!!! (ASND)
ASND 204.41-1.0%Nov 14 9:30 AM EST
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To: Narotham Reddy who wrote (994)1/22/1998 7:52:00 PM
From: Maverick  Read Replies (1) of 1629
 
RCN acquires major east coast ISPs

RCN Corporation announced Wednesday that it had signed definitive
agreements to acquire Boston and Washington's largest Internet
service providers UltraNet Communications Inc. and Erol's Internet
Inc. for a combined $110.5 million in cash and RCN Common stock.
The two Net providers serve 325,000 subscribers. David C. McCourt,
RCN's chairman and CEO, explained the strategy behind the deals
saying "They give us an opportunity to offer our phone and cable
services to a much larger existing customer base." RCN Corporation
is currently providing local phone, long distance, cable
television and Internet access in several markets in the Boston to
Washington, D.C. corridor. McCourt crowed about the expansion of
his company, suggesting these deals are only a start. "We're going
to be bigger than Bell Atlantic in all measurements, in the not
too distant future," he told the New York Daily News.
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