Closing of the Transaction for the Partial Sale of Caisse de depot et
placement du Quebec's Interest in Quebecor Media Inc.
MONTREAL, QUEBEC -- (Marketwire) -- 10/11/12 -- Quebecor Inc. (QI),
Quebecor Media Inc. (QMI) and Caisse de depot et placement du Quebec
(CDP) announced today that they have completed the closing of the
transaction for the partial sale of CDP's 45.3% interest in QMI in
accordance with the conditions described in the press release issued
on October 3, 2012.
The following two transactions were completed as part of the
- the repurchase by QMI of 20,351,307 shares of QMI held by CDP,
representing approximately 36.4% of CDP's interest before closing,
for an aggregate purchase price of $1.0 billion, paid in cash at
- the purchase by QI of 10,175,653 shares of QMI held by CDP,
representing approximately 18.2% of CDP's interest before closing, in
consideration of the issuance at closing by QI to CDP of $500 million
aggregate principal amount of subordinated debentures of QI, which
are convertible into QI Class B Subordinate Shares.
As of this date and taking into consideration the transaction
described herein, CDP now holds 25,439,134 shares of QMI,
representing a 24.6% interest in QMI (excluding the dilution from
options under QMI's stock option plan).
This press release does not constitute an offer to sell or the
solicitation of an offer to buy or sell securities in any
jurisdiction. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933 or any
state securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements. The securities referred to herein have not
been and will not be qualified for distribution to the public under
applicable Canadian securities legislation.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
The statements in this press release that are not historical facts
are forward-looking statements and are subject to significant known
and unknown risks, uncertainties and assumptions which could cause
Quebecor's actual results for future periods to differ materially
from those set forth in the forward-looking statements.
Forward-looking statements may be identified by the use of the
conditional or by forward-looking terminology such as the terms
"plans," "expects," "may," "anticipates," "intends," "estimates,"
"projects," "seeks," "believes" or similar terms, variations of such
terms or the negative of such terms. Certain factors that may cause
actual results to differ from current expectations include
seasonality (including seasonal fluctuations in customer orders),
operating risk (including fluctuations in demand for Quebecor's
products and pricing actions by competitors), insurance risk, risks
associated with capital investment (including risks related to
technological development and equipment availability and breakdown),
environmental risks, risks associated with labour agreements, risks
associated with commodities and energy prices (including fluctuations
in the cost and availability of raw materials), credit risk,
financial risks, debt risks, risks related to interest rate
fluctuations, foreign exchange risks, risks associated with
government acts and regulations, risks related to changes in tax
legislation, and changes in the general political and economic
environment. Investors and others are cautioned that the foregoing
list of factors that may affect future results is not exhaustive and
that undue reliance should not be placed on any forward-looking
statements. For more information on the risks, uncertainties and
assumptions that could cause Quebecor's actual results to differ from
current expectations, please refer to Quebecor's public filings
available at www.sedar.com and www.quebecor.com including, in
particular, the "Risks and Uncertainties" section in Quebecor's
Management Discussion and Analysis for the year ended December 31,
2011, and the "Item 3. Key Information - Risk Factors" as well as
statements located elsewhere in Quebecor Media's annual report on
Form 20-F for the year ended December 31, 2011.
The forward-looking statements in this press release reflect
Quebecor's expectations as of October 11, 2012, and are subject to
change after that date. Quebecor expressly disclaims any obligation
or intention to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws.
About Quebecor and Quebecor Media
Quebecor Media Inc. is a subsidiary of Quebecor Inc. (TSX:QBR.A)
(TSX:QBR.B), one of Canada's most important holding companies
operating in the telecommunications and media businesses. With more
than 16,000 employees, Quebecor Media Inc., through its subsidiary
Videotron Ltd., is an integrated communications company engaged in
cable television, interactive multimedia development, Internet access
services, cable telephone services and mobile telephone services.
Through Sun Media Corporation, Quebecor Media Inc. is the largest
publisher of newspapers in Canada. It also operates Canoe.ca and its
network of English and French language Internet properties in Canada.
In the broadcasting sector, Quebecor Media Inc. operates, through TVA
Group Inc., the number one French language general interest
television network in Quebec, a number of specialty channels and the
SUN News English language channel. Another subsidiary of Quebecor
Media Inc., Nurun Inc., is a major interactive technologies and
communications agency with offices in Canada, the United States,
Europe and Asia. Quebecor Media Inc. is also active in magazine
publishing (TVA Publishing Inc.), book publishing and distribution
(Sogides Group Inc. and CEC Publishing Inc.), the production,
distribution and retailing of cultural products (Archambault Group
Inc. and TVA Films), video game development (BlooBuzz Studios Inc.),
DVD, Blu-ray disc and videogame rental and retailing (Le SuperClub
Videotron Ltd), the printing and distribution of regional newspapers
and flyers (Quebecor Media Printing Inc. and Quebecor Media Network
Inc.), news content production and distribution (QMI Agency),
multiplatform advertising solutions (QMI Sales) and the publishing of
printed and online directories, through Quebecor MediaPages(TM).
About Caisse de depot et placement du Quebec
Caisse de depot et placement du Quebec is a financial institution
that manages funds primarily for public and private pension and
insurance plans. As at December 31, 2011, it held $159.0 billion in
net assets. As one of Canada's leading institutional fund managers,
the Caisse invests in major financial markets, private equity and
real estate. For more information: www.lacaisse.com.
Sources: Quebecor and Quebecor Media
Chief Financial Officer
Quebecor Inc. and Quebecor Media Inc.
Martin Tremblay, Vice President, Public Affairs
Quebecor Media Inc.
Caisse de depot et placement du Quebec
Senior Director, Media Relations
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