To be acquired by Bell at $26.50/shr in cash and stock valued at $670M
- entered into a definitive agreement whereby BCE will acquire all of the issued and outstanding shares of GLENTEL, the Canadian-based multi-carrier mobile products distributor. Valued at approximately $670 million, the transaction enhances Bell's strategy to accelerate wireless and improve customer service in a competitive wireless marketplace, while providing additional value to GLENTEL shareholders.
- Bell will acquire all of GLENTEL's approximately 22.4 million fully diluted common shares, for a total consideration for GLENTEL's equity of approximately $594 million. GLENTEL shareholders may elect to receive either $26.50 in cash, or 0.4974 of a common BCE share, for each GLENTEL common share, representing a premium of 108% based on GLENTEL's closing share price on the TSX on November 27, 2014 and a 121% premium to the volume weighted trading average share price on the TSX for the past 10 days. The BCE share consideration is based on the 10-day volume weighted trading average share price on the TSX of $53.27.
- Including net debt and minority interest of approximately $78 million, the total enterprise value of GLENTEL is approximately $670 million. The transaction consideration will consist of a combination of 50% cash and 50% in BCE common shares.
- Expected to close by the end of the first quarter of 2015- SourceTradeTheNews.com