BCE Completes $2.9 Billion Acquisition of Manitoba Telecom Services

March 17, 2017

S&C client BCE Inc., Canada's largest communications company, completed its previously announced C$3.9 billion (approximately $2.9 billion) acquisition of Manitoba Telecom Services Inc. (MTS), the leading information and communications technology provider in the Canadian Province of Manitoba.

BCE acquired all of MTS's issued and outstanding common shares pursuant to a court approved plan of arrangement. MTS shareholders were entitled to elect to receive either C$40.00 (approximately $29.95) in cash, or 0.6756 of a BCE common share, for each MTS common share, subject to proration such that the aggregate consideration will be paid 45 percent in cash and 55 percent in BCE common shares. BCE funded the approximate C$1.34 billion (approximately $1.003 billion) cash component through debt financing and issued 27,642,714 BCE common shares to fund the equity component.

The S&C team representing BCE was led by Donald Crawshaw and George Sampas, along with Walton Dumas and Douglas Sarro. Eric Queen advised on antitrust matters, and Ronald Creamer, Eric Wang and Andrew Motten advised on tax matters.