Short Take: MetroNet buys Rogers Telecom for $1 billion

Rogers Communications has signed a definitive agreement to sell its Rogers Telecom division (previously known as Rogers Network Services) to MetroNet Communications for $600 million in cash and 12.5 million in stock valued about $440 million. RG said cash payment of $400 million would be received on the deal's expected closing date of June 30, while the remaining $200 million would be received by August 15.

May 20, 1998 7:30 p.m. PT

has signed a definitive agreement to sell its Rogers Telecom division (previously known as Rogers Network Services) to MetroNet Communications for $600 million in cash and 12.5 million in stock valued about $440 million. RG said cash payment of $400 million would be received on the deal's expected closing date of June 30, while the remaining $200 million would be received by August 15.