Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : InfoSpace (INSP): Where GNET went! -- Ignore unavailable to you. Want to Upgrade?

To: Carolyn who wrote (14764)	12/13/1999 12:22:00 PM
From: yzfool	Read Replies (2) \| Respond to of 28311

Remember Broadband Partners. GNET provides the content, CHTR and RCNC the pipe. RCN Expanding Into Midwest Dec 13 9:17am ET PRINCETON, N.J. (Reuters) - RCN Corp. (RCNC.O), which is building fiber-optic networks on the East and West Coasts, said on Monday it was expanding into the Midwest with the acquisition of 21st Century Telecom Group Inc. of Chicago for $500 million in stock and debt. The deal will extend the reach of RCN's fiber-optic networks to 3.1 million Chicago-area homes, offering phone, cable and high-speed Internet services. The deal follows a recent $1.65 billion investment in RCN by Vulcan Ventures Inc., Microsoft co-founder Paul Allen's venture capital arm. RCN said 21st Century is Chicago's only single-source, facilities-based provider of bundled telecommunications services. ``The addition of this market expands our coverage to nearly 42 million homes in an area that generates 44 percent of the nation's telecom traffic in only 6 percent of its geography,' said David C. McCourt, RCN chairman and chief executive. Under a definitive agreement between the companies, 4.7 million RCN shares will be exchanged for all 21st Century shares in a tax-free swap. Also, RCN will also offer to exchange $62 million of common stock for 21st Century's outstanding exchangeable preferred stock, and will offer to purchase 21st Century's outstanding 12-1/4 percent senior discount notes for $250 million in cash. ``Adjusted for the 21st Century transaction, RCN will have $3.6 billion in cash and available capital, enough to fund the company's aggressive network expansion and continuing operations through late 2002 and to over 4.5 million homes,' RCN said in a statement. The deal is subject to antitrust and other regulatory approvals.