The Canadian Radio/TV and Telecommunications Commission has approved the acquisition, with conditions, of Canada's BCE and subsidiary incumbent telco Bell Canada. The CRTC agreed to the $52 million leveraged buyout proposed by the Ontario Teachers Pension Plan and three U.S. private equity firms based on the conditions that the pension fund will get to name two of the five member of the company's executive committee and that they will be Canadians.
The deal now must navigate an increasingly treacherous financing landscape. The approval of this buyout comes the same week that the $19 billion acquisition of media giant Clear Channel Communications hit the skids over a dispute between the buyers and the lending banks.
- read this story at Canada's Financial Post
- Bell Canada last month reported flat revenue for the fourth quarter of 2007