Quebecor Inc., Quebecor Media Inc. and the Caisse de dépôt et placement du Québec have completed a $1.5 billion transaction, decreasing the Caisse’s interest in Quebecor Media from 45.3% to 24.6%.
“We are convinced of Quebecor Media’s potential to create value. For this reason, we are retaining a substantial stake in the company. In our view, the conditions are right to rebalance our portfolio by divesting a part of the major position we held in the media and telecom sector,” said Michael Sabia, president and CEO of the Caisse.
By implementing its corporate strategy, Quebecor Media has more than tripled its operating income since the transaction, reaching more than $1.3 billion in 2011. This sustained growth has enabled Quebecor Media to pay substantial dividends to its shareholders, including a total of $324 million to the Caisse, since 2003.