| Acquired by | ABRY Partners |
| Price | $1.2B |
| Date | 3/10 |
| Terms | Stock |
| Website | rcn.com |
| @rcnconnects | |
| Category | Communications |
| Employees | |
| Description | telecommunications provider |
RCN was founded in 1996 and began offering triple play service in Boston. The company expanded tremendously in 1998 through the acquisition of a number of Internet and cable companies.
Then, beginning in 2005, management focused on RCN’s strategic Northeast Corridor and Chicago markets, selling non-core assets including its 49% stake in Megacable, the largest cable company in Mexico, as well as its West Coast assets.
With close to a decade of experience providing cable TV, Internet and phone service using fiber optics already under its belt, RCN again grew significantly in 2006. First, the company acquired Con Edison Communications (CEC), a subsidiary of Consolidated Edison, Inc., with its own fiber-optic network in New York City. The combination of CEC with RCN’s existing business services capability created the subsidiary RCN Business Solutions. Second, RCN completed a substantial network upgrade, including conversion to a 100% digital network.
In 2007, RCN Business Solutions acquired NEON Communications gaining an advanced fiber-optic network stretching across twelve northeastern and Mid-Atlantic states. NEON was a wholesale service provider of high-bandwidth transport services to service providers and Fortune 100 companies. With this acquisition, RCN Business Solutions became RCN Metro Optical Networks, a leading facilities-based provider to medium and large carriers and enterprises in the Northeast, mid-Atlantic and Chicago metro area.
RCN entered a new phase in 2008. Now equipped with two business units, Residential and Small Business and RCN Metro Optical Networks, serving three customer segments, the company continues to win customers in its markets. RCN is accelerating its movement to an all-digital video platform, enabling an increase in high-definition availability and improving picture quality to cable TV customers, and is continuing to offer the fastest high-speed Internet available with cable modem speeds that challenge industry standards. RCN’s past success stems from its foresight in acquiring, maintaining and growing its expansive fiber-optic network to serve multiple customer segments with an unwavering commitment to offering premium services with the very best in value. Today’s RCN is poised for a promising future.
