ABRY Buys RCN in $526M Take-Private Deal

ABRY Partners has completed its $526 million public-to private buyout of RCN (NASDAQ: RCNI), a broadband services provider. The firm will pay RCN shareholders $15 in cash per share and is splitting the company into two businesses; the company's video, high-speed Internet and premium voice services business will be led by CEO Jim Holanda, while its Metro business will be led by CEO Mike Sicoli. SunTrust Robinson Humphrey, GE Capital Markets and SG Americas Securities arranged the $265 million of debt financing for the deal.