MTS Sale to Bell Set to Close March 17
WINNIPEG, MB. – Manitoba Telecom Services Inc. (MTS) today announced that the Competition Bureau and Innovation, Science and Economic Development Canada (ISED) have approved the acquisition of MTS by BCE Inc. (BCE) pursuant to the previously announced plan of arrangement. The closing of the Arrangement has been set for March 17, 2017.
The close of the Bell MTS transaction concludes a period of tremendous change at MTS. Over the past several years, MTS undertook a significant transformation effort affecting all aspects of the company.
“The close of this transaction will represent a watershed moment in Manitoba’s business history, delivering over $1 billion of value to shareholders while securing investment and community commitments which are so important to the future of the province,” said David Leith, Chair of the Board of Directors for MTS. “On behalf of the Board, I want to recognize the tremendous job Jay Forbes has done at MTS since joining in January 2015. Together with the entire management team, MTS became stronger and more focused to deliver maximum value to customers and to shareholders. The value created through the Bell MTS combination is in no small part due to these significant achievements.”
“This announcement represents the culmination of a successful approach to the regulatory approval process and we look forward to closing the transaction within the timelines we provided at the outset,” said Jay Forbes, President & CEO. “Our employees should be proud of all that we have accomplished as a stand-alone company, and can look forward with excitement to a bright future as Bell MTS. I want to thank my colleagues at MTS for the dedication and commitment they have shown. They bring tremendous talent and energy to work every day on behalf of our customers. Now, with the creation of Bell MTS, they will have the benefit of scale and significant investment to bring customers the world-class telecommunications services the province of Manitoba needs for the future.”