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RCN Corp. buys Erol's and UltraNet

Published on .

RCN Corp. has agreed to buy Erol's Internet and UltraNet Communications, for a combined $110.5 million in cash and RCN Common stock. By acquiring Erol's and UltraNet, RCN gains 325,000 Internet subscribers, which it said makes it the largest regional ISP in the Northeast.

RCN also offers local and long-distance telephone service and cable TV in the Northeast over its advanced fiber optic network. Under the terms of the deal, RCN will purchase Erol's, in Springfield, Va., for about $35 million in cash and $48.5 million in stock. RCN will also purchase Boston-based UltraNet for $7.8 million in cash and $19.2 million in stock. The acquisitions are subject to government approval.

Copyright January 1998, Crain Communications Inc.

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