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February 2, 1998

RCN ACQUIRES TWO INTERNET SERVICE PROVIDERS FOR $110.5M

By CBR Staff Writer

Local and long distance telephone and cable company RCN Corp, currently building up its fiber optic network, is to spend a total of $110.5m in cash and common stock on two internet service provider acquisitions: RCN will acquire Boston, Massachusetts- based UltraNet Communications Inc and Springfield, Virginia-based Erol’s Internet Inc, making it the largest regional internet service provider in the North East, with 325,000 subscribers. Erol’s Internet, to be acquired for $35m in cash and $48.5m in stock, has 293,000 customers, mostly residential, while UltraNet Communications Inc has 32,000 residential and business customers, and is being acquired for $7.8m in cash and $19.2m in stock. The two have a combined run-rate of $58m. Princeton, New Jersey-based RCN says it will migrate the customers over to its 10-megabit fiber connections and also offer them phone and cable services. RCN Corp was one of the three companies spun-off from C-Tec Corp a year ago (CI No 3,103), a restructuring carried out in order to raise capital for the future expansion of RCN.

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