MTS TO BUY ALLSTREAM
By Adnews Staff
Winnipeg-based Manitoba Telecom Services is set to purchase Toronto-based Allstream for $1.7 billion in cash and stock. MTS will offer $23.00 in cash plus 1.0909 MTS shares for each Allstream share. The deal is expected to close in June. The new company will be based in Winnipeg, but Allstream will continue to operate out of Toronto. Bill Fraser will continue to be president and CEO of the expanded company. The current Allstream management staff is expected to remain intact. John McLennan, vice chairman and CEO of Allstream, said the deal is a "complementary fit that makes strategic, financial and business sense."
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