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September 6, 2008 1:42:01 AM CDT

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BCE Agrees to Landmark LBO

Posted Jul 1, 07 10:24 AM CDT in World,  US,  Business 

(Newser) – Canada's dominant telecom company will go private in the country's biggest takeover ever, and one of the largest LBOs in the world. A powerful teachers' retirement fund and two American private-equity firms made a deal yesterday for CBE, also known as Bell Canada. The $48.5 billion (C$51.7 billion) bid must still clear regulators and shareholders.

Canadian law limits foreign ownership of telecom companies, meaning Providence Equity and Madison Dearborn will be minority partners to the Ontario Teachers' Pension Plan, already BCE's largest stockholder. The Globe and Mail reports that the consortium beat out a team that included KKR and the Canadian Pension Plan Investment Board and a collaboration between Cerberus Capital and several Canadian entities.

Source Globe and Mail

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Bell Canada offices are seen in downtown Montreal in this Oct. 11, 2006, file photo. BCE Inc., Canada's largest telecommunications company, said Saturday it has reached an agreement to be bought by a...   (Associated Press)
A man walks past the Bell Canada offices in downtown Montreal in this March 29, 2007, file photo in Montreal. BCE Inc. BCE Inc., Canada's largest telecommunications company, said Saturday, June 30, 2007,...   (Associated Press)
Co. is looking to buy the company. (AP photo/CP, Paul Chiasson)   (Associated Press)
A man walks by a BCE office Tuesday, April 17, 2007 in Quebec City, Canada. BCE Inc., the parent of Canada's largest telecommunications company, confirmed Tuesday that it is in discussions to sell the...   (Associated Press)
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Canada  • private equity  • buyout  • privatization  • teacher  • telecom  • takeover  • retirement fund  • Providence Equity  • LBO  • Madison Dearborn


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