CANADA - Ontario Teachers' Pension Plan has decided to sell its 25% stake of CTVglobemedia to BCE (Bell), the parent company of Bell Canada and Bell Aliant.
The pension plan's private equity unit, Teachers' Private Capital, plans to use the funds generated from the sale to further investment opportunities in their telecom, media and technology portfolio.
"Bell's purchase provides a timely and efficient exit from our investment in CTVglobemedia. We continue to view telecom, media and technology as important and exciting sectors that we are well positioned to invest in going forward," Neil Petroff, OTPP executive vice president and chief investment officer, said in the OTPP news release.
BCE currently owns 15% equity in CTV and will acquire the remaining 60% stake from Woodbridge Company Limited and Torstar Corporation. BCE expects to close the deal by mid-2011 subject to regulatory approvals.
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