Canada’s largest telecom company BCE announced Wednesday that it would take regional competitor Bell Aliant private in a $3.68 billion takeover.
BCE’s plan involves purchasing the 56 percent of Bell Aliant it does not already own as the company looks to cut costs and expand services along the Atlantic region of the country.
According to BCE, the takeover will cut overlaps in public company costs and save the firm millions.
The deal remains subject to approval by Canada’s Competition Bureau, though reports say the nation’s Radio-Television and Telecommunications Commission will not need to sign off on the transaction.
Canada has been eyeing its telco industry in recent months as it looks to boost competition, cut consumer costs and encourage market growth. BCE currently competes with top rivals Rogers Communications and Quebecor for phone, Internet and television services.
Full content: Reuters
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