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BCE to be taken private by Dec. 11
By Lisa Kerner
Charlotte, N.C., Oct. 29 - BCE Inc. expects its proposed privatization transaction to close on or before Dec. 11, it was announced on Wednesday.
In July, BCE amended its definitive agreement with an investor group led by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, Providence Equity Partners Inc., Madison Dearborn Partners, LLC and Merrill Lynch Global Private Equity.
The purchase price remains C$42.75 per common share under the final, amended agreement, while the reverse break-up fee was increased to C$1.2 billion.
On July 2, 2007, the investor group agreed to acquire all of the common shares of BCE not owned by Ontario Teachers for C$42.75 each and all of the company's preferred shares at between C$25.25 and C$25.87 each.
BCE is a Montreal-based communications company that provides telephone, internet, television and information services.
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