BCE buying wireless retailer Glentel for $670M
Posted November 28, 2014 9:57 am.
This article is more than 5 years old.
BCE Inc. is buying wireless phone retailer Glentel Inc. in a deal valued at $670 million in stock, cash and debt.
Glentel, the parent of the Wireless Wave chain, has nearly 500 locations across Canada, selling wireless products and services from a variety of carriers including Rogers Wireless, Fido, Virgin Mobile, Bell Mobility, Chatr and SaskTel.
The company also operates 735 retail locations in the U.S. and 147 in Australia and the Philippines.
BCE says Glentel shareholders can choose to receive either $26.50 in cash or 0.4974 of a BCE share for each Glentel share they hold.
The company will also take on net debt and a minority interest of approximately $78 million as part of the deal, which will be funded with 50 per cent cash and 50 per cent BCE common shares.
Glentel shares closed at $12.75 on the Toronto Stock Exchange on Thursday before the deal was announced.
