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Bell to acquire Glentel for CAD 594 mln
2014-11-28 16:47:00| Telecompaper Headlines
(Telecompaper) Canadian operator Bell has agreed to buy Glentel, a Canadian distributor of multi-carrier mobile products, for CAD 594 million. Glentel shareholders will receive CAD 26.50 per share in a combination of cash and BCE shares. Including net debt and minority interest of CAD 78 million, the total enterprise value of Glentel is of about USD 670 million. Bell will fund the cash component with available liquidity and issue 5.6 million BCE shares to fund the equity component. Glentel's board of directors have approved the transaction. The Skidmore family, which owns 37 percent of the company, has entered into agreements with Bell supporting the transaction. The deal is expected to close by the end of the first quarter, subject to customary closing conditions, including court, shareholder and competition approvals. Glentel operates 494 retail locations across Canada, with products and services from Bell Mobility, Chatr, Fido, Rogers Wireless, SaskTel and Virgin Mobile. The company will continue to offer products from multiple carriers following the acquisition. Outside Canada, Glentel owns, operates, and franchises 735 retail locations in the US, as well as 147 points of sale in Australia and the Philippines.
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Category:Telecommunications