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Goodmans acts for Teachers Private Capital, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC in the largest buyout transaction in Canadian corporate history

June-30-2007

Area Banking and Finance Law, Commercial Real Estate, Mergers and Acquisitions, Employment and Labour, Litigation, Communications, Intellectual Property , Tax, Competition, Antitrust and Foreign Investment, Pensions, Private Equity

Details

On June 30th, BCE announced that it entered into a definitive agreement for BCE to be acquired by an investor group led by by Teachers Private Capital, the private investment arm of the Ontario Teachers Pension Plan, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC.  The all-cash transaction is valued at US$48.5 billion.  BCE’s Board of Directors is recommending that shareholders vote to approve the transaction.

Under the terms of the transaction, the investor group will acquire all of the common shares of BCE not already owned by Teachers for C $42.75 per share.  Financing for the transaction is fully committed through a syndicate of banks providing funding to the purchaser.

The transaction is subject to the customary approvals, including CRTC approval for the transfer of Bell’s broadcast license, and Industry Canada with respect to the transfer of spectrum licenses. It is expected to close in the first quarter of 2008.
 
Goodmans LLP represents the Investor Group led by Teachers’ Private Capital, Providence Equity Partners Inc. and Madison Dearborn Partners.