Briefly:

(July 4, 2008) Many doubted that the acquisition of BCE, which was supposed to be completed in December, would end up happening, but on Friday the investor group led by the Ontario Teachers’ Pension Plan announced it was a done deal.

“We are very pleased to have reached an agreement with BCE and that our banks continue to support the transaction,” said the OTPP on its website. “We look forward to completing the transaction on or before December 11, and working with George Cope and BCE’s talented management and employees, to build on, and add value to, the strong platform that is in place.”

The buyout, which was partly delayed by the credit crisis, is worth $34.8 billion. The other partners involved in the purchase are Providence Equity Partners, Madison Dearborn Partners and Merrill Lynch Global Private Equity.

(07/04/08)

Staff

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