RCN Out of Mexico

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RCN Corp. reached an agreement to sell its 48.93% interests in Megacable S.A. de C.V. and Megacable Communicaciones de Mexico S.A. for net after-tax proceeds of $300 million in cash.

The two Mexican operators are being sold to Teleholding S.A. de C.V., comprised of the current shareholders of Megacable and MCM.

RCN said it will apply the proceeds from the sale to repay debt.

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