Onex has joined the consortium which includes Canada Pension Plan Investment Board, the Caisse de dépôt et placement du Québec, and Kohlberg Kravis Roberts & Co. that’s bidding for BCE.
“The addition of Onex strengthens our Canadian-led consortium as it remains focused on the due diligence process for the potential acquisition of an important Canadian organization,” says David Denison, president and CEO of the CPPIB.
Onex is joining the consortium with the consent of BCE’s strategic oversight committee, a committee of independent directors established in April to oversee the company’s evaluation of a range of strategic alternatives.
“Each of the consortium partners is committed to generating strong investment returns with a long-term investment horizon,” Dension says. “Furthermore, we would still welcome the opportunity to add additional Canadian pension funds to our consortium if permitted by the strategic oversight committee.”
The CPPIB-led consortium is facing competition from two other bidders, the Ontario Teachers’ Pension Plan and a group led by Cerberus Capital Management.
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