$34.8 mil BCE buyout gets green light

Supreme Court of Canada reverses earlier decision

TORONTO -- The Supreme Court of Canada on Friday OK'd a $34.8 billion buyout of Canadian phone giant BCE by a domestic pension fund and its U.S. equity partners.

The high court reversed a lower court decision that blocked Canada's largest-ever takeover by the Ontario Teachers' Pension Plan and U.S. partners Providence Equity Partners, Madison Dearborn Partners and Merrill Lynch.

The buyout, now expected to move forward, is culturally sensitive because BCE's broadcast assets include a stake in national TV network CTV and ownership of Bell ExpressVu, the direct-broadcast-satellite TV service.