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Quebecor gains full ownership of Quebecor Media
By Adnews Staff
Quebecor has reached an agreement with the Caisse de dépôt et placement du Québec to repurchase the stake in Quebecor Media currently held by that organization. Quebecor will purchase shares of Quebecor Media representing 18.5% of the company for a value of $1.7 billion. Upon completion of the transaction, Quebecor will be the sole owner of Quebecor Media. The transaction is expected to close on June 22, pending regulatory approvals.
"Thanks to its currently very favourable financial profile and the substantial amount of cash it has on hand, Quebecor is now in a position to complete the repurchase of the share capital of Quebecor Media initiated in 2012," said Pierre Péladeau, president and CEO of Quebecor. "By gaining access to 100% of the cash flows that it generates, Quebecor will now be better equipped to seize business opportunities that arise. Ultimately, these transactions will allow us to have complete control over our destiny."