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Quebecor and Caisse de dépôt et placement du Québec reach an agreement on the repurchase of the Caisse's interest in Quebecor Media
Quebecor and Caisse de dépôt et placement du Québec reach an agreement on t...
About this update from Quebecor Inc. Class A
[{"type":"text","content":"\n\n\n\nQuebecor and Caisse de dépôt et placement du Québec reach an agreement on the repurchase of the Caisse's interest in Quebecor Media\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, May 8, 2018\n\n\n\nMONTREAL, May 8, 2018 /CNW Telbec/ - Quebecor Inc. (\"Quebecor\") is pleased to announce that it entered into an agreement (the \"Agreement\") with Quebecor Media Inc. (\"Quebecor Media\") and Caisse de dépôt et placement du Québec (the \"Caisse\") to repurchase all of the share capital of Quebecor Media still held by the Caisse. The Agreement provides that Quebecor and Quebecor Media purchase 17,628,911 shares, representing a 18.47% stake in Quebecor Media, with respect to which the parties have agreed on a value of $1.690 billion.\n\nThis Agreement completes the process announced in October 2012 (and continued in September 2015 and July 2017), as part of the plan to purchase the shares of Quebecor Media held by the Caisse that was introduced by Quebecor, in accordance with its previously stated goal to ultimately own all the shares of Quebecor Media.\n\n\"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. 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,\" stated Pierre Karl Péladeau, President and Chief Executive Officer of Quebecor.\n\n\"The complete repurchase of the shares today reflects Quebecor's solid financial position and allows la Caisse to reallocate this capital to new investment opportunities in Quebec companies. Through the convertible debenture, la Caisse maintains an interest in the business, while providing Quebecor with increased financial flexibility to pursue its growth plan. And our long-standing partnership with Quebecor will ce...