Neko
Supreme Overlord
Feb 9, 2004, 3:15 AM
Post #1 of 1
(3628 views)
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MONTREAL, Feb. 2 2004 - Bell Canada today confirmed that it will assume 100% ownership of Bell West Inc. by August 2004. Manitoba Telecom Services Inc. (MTS) today announced that it has formally exercised its option to sell its 40% interest in Bell West to Bell Canada.
"This marks another key building block in our national strategy," said Stephen Wetmore, Group President, National Markets, Bell Canada. "Western Canada represents a strategic growth area for Bell. We are poised to leverage this opportunity to further capitalize on our over $1 billion investment in the region."
"Bell will continue to invest in Alberta and BC with a promise of providing our customers with the most advanced communications services," added Mr. Wetmore. "Our leading-edge networks in the West are already serving as a critical incubator for our emerging IP-based services." The amount payable for MTS's ownership interest is due 180 days after today's notification and is estimated to be $645 million. Bell Canada intends to use general corporate funds to pay for this acquisition. Bell currently intends to maintain its approximately 22% ownership level in MTS and will maintain its operating alliance agreements with MTS.
Bell Canada, Canada's national leader in communications, provides connectivity to residential and business customers through wired and wireless voice and data communications, local and long distance phone services, high speed and wireless Internet access, IP-broadband services, e-business solutions and direct-to-home satellite service. Bell Canada is wholly owned by BCE Inc. For more information please visit www.bell.ca.
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