Thursday, March 6, 2008

Quebec Superior Court Approves Bell Canada Privatization

The Quebec Superior Court has approved BCE's plan of arrangement for the company's privatization transaction and dismissed all claims asserted by or on behalf of certain holders of Bell Canada debentures. The remaining conditions to the closing of the privatization transaction include the required approvals of the Canadian Radio-television and Telecommunications Commission and Industry Canada.

BCE hopes to close the transaction during Q2 2008.

"We are very pleased with the Superior Court's decisions. On every point of contention, the Court ruled in favour of BCE," said Martine Turcotte, Chief Legal Officer of BCE and Bell Canada. "The Court's decisions affirm our long-standing position that the claims of these debenture holders are without merit and that BCE acted in accordance with its rights and obligations with respect to the debenture holders. We now look forward to closing the privatization transaction with the investor group led by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, Providence Equity Partners, Madison Dearborn Partners, and Merrill Lynch Global Private Equity," added Martine Turcotte.