Canada's largest telecom company, BCE Inc , said on Wednesday it will pay C$3.95 billion ($3.68 billion) to take regional telecom Bell Aliant private, buying the 56 percent stake it does not already own to cut expenses and bolster its offerings in Atlantic Canada.Montreal-based BCE said the deal will result in C$100 million in annual cost savings, partly due to the elimination of duplicate public company costs."Privatizing Bell Aliant within BCE supports our dividend growth model and capital investment strategies," Siim Vanaselja, BCE's chief financial officer, said in a statement, adding that BCE will also maintain its investment-grade credit ratings following the expected close of the deal in late November.BCE, which already controls about 44 percent of Bell Aliant, said the deal values the remainder at C$31 a share, a premium of 10 percent to the stock's close on Tuesday.
Bell Aliant Inc. through its subsidiaries is a regional communications service provider. Shares of BA traded higher by 11.07% or $3.12/share to $31.31. In the past year, the shares have traded as low as $24.79 and as high as $29.05. On average, 290714 shares of BA.TO exchange hands on a given day and today's volume is recorded at 7366142.
BCE Inc. is a communications company, providing residential, business and wholesale customers with a range of solutions to all their communications needs. Shares of BCE traded higher by 0.85% or $0.3901/share to $46.07. In the past year, the shares have traded as low as $40.02 and as high as $46.70. On average, 564425 shares of BCE exchange hands on a given day and today's volume is recorded at 303554.
BCE Inc. is a communications company, providing residential, business and wholesale customers with a range of solutions to all their communications needs. Shares of BCE traded higher by 1.0% or $0.49/share to $49.50. In the past year, the shares have traded as low as $41.28 and as high as $51.09. On average, 964092 shares of BCE.TO exchange hands on a given day and today's volume is recorded at 1069804.
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