Thursday, September 20, 2007

Canada's Competition Bureau Clears Acquisition of BCE

The Canadian Competition Bureau approved the proposed acquisition of BCE by an investor group led by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, Providence Equity Partners Inc. and Madison Dearborn Partners.

http://www.bce.ca

  • In June 2007, BCE, the parent company of Bell Canada, agreed to be acquired by an investor group led by Teachers Private Capital, the private investment arm of the Ontario Teachers Pension Plan, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC. The all-cash transaction was valued at C$51.7 billion (US$48.5 billion) at the time, including C$16.9 billion (US$15.9 billion) of debt, preferred equity and minority interests. The BCE Board of Directors unanimously recommended that shareholders vote to accept the offer. The equity ownership of BCE would be as follows: Teachers Private Capital 52%, Providence 32%, Madison Dearborn 9% and other Canadian investors 7%.

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