The Quebec Superior Court dismissed all claims asserted by or on behalf of certain holders of Bell Canada bonds and approved BCE’s plan of arrangement for the company’s privatization transaction on Friday evening.
“The Court’s decisions affirm our long-standing position that the claims of these debenture holders are without merit and that BCE acted in accordance with its rights and obligations with respect to the debenture holders,” says Martine Turcotte, chief legal officer of BCE and Bell Canada.
“We now look forward to closing the privatization transaction with the investor group led by Teachers’ Private Capital, the private investment arm of the Ontario Teachers’ Pension Plan, Providence Equity Partners, Madison Dearborn Partners, and Merrill Lynch Global Private Equity.”
The remaining conditions to the closing of the privatization transaction include the required approvals of the Canadian Radio-television and Telecommunications Commission and Industry Canada.
BCE expects the transaction to close in the first part of the second quarter of 2008.
For more information on the privatization of BCE, click here to read our special section, The Rise of Private Equity.
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