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Canadian Telecom BCE, Suitor Agree on Terms
The Canadian telecommunications company BCE Inc. said Friday it has agreed on terms of a $35 billion sale to a takeover group led by the Ontario Teachers' Pension Plan.
The announcement ends suspense over whether the banks funding the takeover - the largest leveraged buyout ever and Canada's biggest buyout of any kind - would try to back out of the deal or that the price would have to be lowered.
The acquisition price remains at 42.75 Canadian dollars ($42.08) per share in cash.
Citigroup, Deutsche Bank, Royal Bank of Scotland and Toronto-Dominion Bank are slated to provide billions in financing to complete the deal. Including assumed debt, the transaction is worth $51 billion.
Source:
http://www.topix.com/business/telecom/2008/07/canadian-telecom-bce-suitor-agree-on-terms
