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MTS to sell Allstream to Zayo for CAD 465 mln

2015-11-23 14:04:00| Telecompaper Headlines

(Telecompaper) Manitoba Telecom Services announced a binding agreement to sell its unit Allstream to Zayo Group for CAD 465 million cash. MTS said the transaction will bring it a stronger position to transform into a more customer-first business, leveraging its assets and position to deliver solid results in a competitive market. After closing costs, MTS expects to realise net proceeds of approximately CAD 425 million. The company said it will evaluate a number of capital allocation options available to it, including the retirement of debt incurred to fund its pension funding prepayment made earlier in 2015 and recent spectrum acquisitions. 

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