Canadian operator BCE, owner of the Bell and Bell Aliant brands, has agreed to acquire Canadian media company Astral Media. Upon closing of this transaction, Bell will acquire all of Astral's pay and specialty television services, radio stations, digital media properties and out-of-home advertising activities. The acquisition price reaches CAD 3.38 billion, including net debt of CAD 380 million, and will be funded with a combination of cash (approximately 75 percent of the equity purchase price) and BCE common equity (approximately 25 percent or USD 750 million), with Bell retaining the right to replace shares with cash, in whole or in part, at closing. Bell will acquire all Class A non-voting shares of Astral for CAD 50 per share for a total consideration of approximately CAD 2.8 billion. Bell will also acquire all Class B subordinate voting shares for CAD 54.83 per share, for a total consideration of approximately CAD 151. The Astral board has already approved the transaction. The transaction is subject to customary closing conditions, including shareholder and regulatory approvals.
