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Manitoba Telecom shares down nearly 10 per cent after Allstream deal rejected

2013-10-08 21:09:01| Wireless - Topix.net

Shares of Manitoba Telecom Services have fallen more than seven per cent after Ottawa rejected the sale of its Allstream business to an Egyptian investment group.

Tags: deal cent shares telecom

 

Canadian govt rejects Accelero acquisition of Allstream

2013-10-08 07:59:00| Telecompaper Headlines

(Telecompaper) The Canadian federal government has rejected the proposed acquisition by Accelero Capital of the Allstream division of Manitoba Telecom Services (MTS Allstream). The Canadian operator said it was "extremely surprised and disappointed" by the decision, adding that both companies responded "openly and constructively" to Industry Canada's requests for information in the 136 days since the transaction was announced. Accelero proposed far-reaching, comprehensive and binding undertakings to the Canadian government, including a commitment to invest USD 300 million over three years to pursue Allstream's capital plans. The government rejected the deal on national security concerns, and also rejected an offer from MTS and Accelero to take whatever actions were necessary to address government concerns. As a result of the fall-out, the Allstream division will once again be reported as part of MTS Allstream consolidated results. Results will be impacted by a one-off cost of CAD 35 million connected to the lost transaction. Excluding the impact of the additional transaction and restructuring costs, results were otherwise expected to be near the lower end of the original guidance ranges. The MTS subsidiary, which has not been impacted, continues to generate increased cash flow and is performing in line with expectations.

Tags: canadian acquisition govt rejects

 
 

Allstream sale to Accelero rejected over 'national security'

2013-10-08 04:20:52| IT Services - Topix.net

Winnipeg-based Manitoba Telecom Services said Monday the federal government has rejected a deal for it to sell its business unit, Allstream, to Egyptian investment group Accelero Capital due to "unspecified national security concerns."

Tags: national sale security rejected

 

Allstream sale to Accelero rejected over 'national security'

2013-10-08 04:11:17| Telecom - Topix.net

Winnipeg-based Manitoba Telecom Services said Monday the federal government has rejected a deal for it to sell its business unit, Allstream, to Egyptian investment group Accelero Capital due to "unspecified national security concerns."

Tags: national sale security rejected

 

Allstream adds another Chicago POP

2013-07-24 05:58:17| IT Services - Topix.net

Second point of presence in the windy city will give customers improved access to the U.S. and greater security, says the provider Allstream has added a second point of presence in Chicago to expand its IP network access into the U.S. The business division of Manitoba Telecom Services , Allstream said the new POP will provide access to more than 40 ... (more)

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