RCN Corp., a local cable television and Internet provider for the Lehigh Valley -- along with such major cities as Boston, New York and Washington -- is being acquired for about $1.2 billion by private equity firm Abry Partners LLC.
Investors will receive $15 in cash for each RCN share, a 22 percent premium to yesterday's closing price, the companies said in a statement. Abry's offer includes the assumption of the Herndon, Virginia-based company's debt.
The deal is expected to close in the second half of the year and RCN is permitted to solicit additional offers through April 14, the companies said. RCN has reported 14 consecutive quarterly net losses as it expanded its fiber-optic services and dealt with an economic downturn.
Deutsche Bank Securities Inc. and Waller Capital Partners LLC were financial advisers to RCN. SunTrust Robinson Humphrey was Abry's adviser.
The Morning Call
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