RCN Further Expands Strong Internet Base, Closes Acquisition Of UltraNet Communications, Inc.
PRINCETON, N.J., March 2 /PRNewswire/ -- RCN Corporation (Nasdaq: RCNC), announced today that it had completed the acquisition of UltraNet Communications, Inc., a transaction that strengthens the company's growing presence in the Boston market and further establishes RCN as the Northeast's leading regional Internet service provider (ISP), with more than 325,000 Internet subscribers from Boston to Washington.
"The acquisition of Boston's largest ISP represents a significant boost to RCN's Internet strategy, and is a perfect compliment to the advanced phone and cable services we are already offering Boston-area residents," said RCN Chairman and CEO David C. McCourt. "We will now focus on connecting these customers to our fiber optic network, so we can offer them facilities-based phone, cable and, shortly, high-speed Internet access."
RCN on January 21 announced that it had signed definitive agreements to acquire UltraNet and Erol's Internet, Inc., Washington's largest ISP, for a combined $110.5 million in cash and RCN Common stock. RCN last week announced that it had completed the Erol's acquisition. Based in Springfield, Virginia, Erol's currently serves more than 293,000 mostly residential customers from Boston to Washington. UltraNet serves more than 32,000 residential and business customers. |
