Canada's BCE files for private equity buyout
CRTC seeks ownership changes for license transferTORONTO -- Canadian phone giant BCE filed final documentation with the Canadian Radio-television and Telecommunications Commission on Tuesday to allow a $34.8 billion buyout by a private equity group that includes American partners.
The BCE takeover by an investor group that includes Teachers' Private Capital, Providence Equity Partners, Madison Dearborn Partners and Merrill Lynch Global Private Equity was earlier approved by the country's telecoms regulator.
But the CRTC called for key foreign ownership changes to allow the transfer of BCE's broadcasting licenses, including a minority stake in national TV network CTV, to the private investors.
BCE said it hopes to complete Canada's largest-ever private buyout bid by the end of its second quarter.