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| Version 0 | Version 1 |
|---|---|
| Largest Canadian takeover agreed | Largest Canadian takeover agreed |
| (about 1 hour later) | |
| Phone company Bell Canada has agreed to be bought for 51.7bn Canadian dollars (US$48.5bn; £24.1bn), the largest deal of its kind in the country's history. | Phone company Bell Canada has agreed to be bought for 51.7bn Canadian dollars (US$48.5bn; £24.1bn), the largest deal of its kind in the country's history. |
| It is being bought by a consortium whose members include two private equity firms and one of Canada's largest public sector pension funds. | It is being bought by a consortium whose members include two private equity firms and one of Canada's largest public sector pension funds. |
| The Ontario Teachers' Pension Plan Board invests the retirement funds of the province's current and ex-staff. | |
| Bell Canada has about 18 million customers and 54,000 staff. | Bell Canada has about 18 million customers and 54,000 staff. |
| 'Huge value' | 'Huge value' |
| It generated sales of more than US$16bn last year. | It generated sales of more than US$16bn last year. |
| The firm was the subject of a fierce bidding war involving a number of private equity operators as well as Telus, Canada's second largest phone company. | The firm was the subject of a fierce bidding war involving a number of private equity operators as well as Telus, Canada's second largest phone company. |
| The winning consortium includes Providence Equity Partners and Madison Dearborn Partners, both US businesses. | The winning consortium includes Providence Equity Partners and Madison Dearborn Partners, both US businesses. |
| The deal is being structured to meet Canadian laws capping foreign ownership of shares in the flagship firm to 47% of its total equity. | The deal is being structured to meet Canadian laws capping foreign ownership of shares in the flagship firm to 47% of its total equity. |
| "This is a huge amount of value delivered to our shareholders," Bell Canada's chief executive Michael Sabia said of the deal. | "This is a huge amount of value delivered to our shareholders," Bell Canada's chief executive Michael Sabia said of the deal. |
| The transaction must be approved by Bell Canada investors as well as federal regulators before it can proceed. | The transaction must be approved by Bell Canada investors as well as federal regulators before it can proceed. |