RCN Corporation has announced the completion of its acquisition by private investment fund ABRY Partners, LLC. Pursuant to the agreement reached on March 5, 2010, RCN shareholders will receive $15.00 in cash for each share of RCN they own. In conjunction with the transaction, RCN’s common stock will no longer trade on the NASDAQ Global Select Market and will be de-listed accordingly.
RCN’s video, high-speed Internet and premium voice services business, which previously constituted RCN’s residential and small business segment, will operate as a standalone business and will be led by CEO Jim Holanda. Steven Simmons will serve as the company’s Chairman.
The RCN Metro business will be led by CEO Mike Sicoli, previously EVP and CFO of RCN Corporation.