Deals
BCE to Buy Mobile-Phone Retailer Glentel for $586 Million
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BCE Inc., Canada’s largest telecommunications company, agreed to buy Glentel Inc. for C$670 million ($586 million), boosting the carrier’s retail presence as the threat of more competition looms.
BCE, known by its brand name Bell, will pay Glentel investors about C$26.50 per share in cash or stock, more than double Glentel’s closing price yesterday, the companies said today in a statement. Montreal-based BCE will issue about 5.6 million shares to help fund the purchase, which includes C$78 million for net debt and minority interest.