Ontario Teachers Pension Plan wins bidding for BCE telecom
BCE Inc., Canada's largest telecommunications company, said Saturday it has reached an agreement to be bought by a group led by the Ontario Teachers Pension Plan for C$51.7 billion (US$48.5 billion), making it the largest takeover in Canadian history.
The Ontario Teachers Pension Plan Board in co-operation with U.S.-based Providence Equity Partners and Madison Dearborn Partners, LLC won out over several other bidders, BCE said in a statement.
The Teachers Pension Plan was already BCE's largest shareholder with a 6.8 percent stake.
The Ontario teachers pension group — with assets of C$106 billion (US$99 billion) in 2006 — invests and administers the retirement funds for Ontario's 167,000 teachers and 104,000 retired teachers.
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