BCE going-private transaction given final necessary approval

By Lisa Kerner

Charlotte, N.C., April 9 - Industry Canada approved the proposed acquisition of BCE, Inc. by 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.

All required approvals for the transaction have been met, a BCE news release said.

Under a July 2, 2007 agreement, the investor group will 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.

It was previously reported that the all-cash transaction is valued at C$51.7 billion, including C$16.9 billion of debt, preferred equity and minority interests.

On March 7, the Quebec Superior Court approved BCE's plan of arrangement and dismissed all claims by or on behalf of certain holders of Bell Canada debentures.

Due to an appeal of the decision by the debenture holders, BCE said it now expects the deal to take the company private to close before the end of the second quarter. The acquisition was originally slated to close in the first quarter.

BCE is a Montreal-based communications company that provides telephone, internet, television and information services.

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