HALIFAX – Turns out Bragg Communications’ deal to buy Amtelecom was only the beginning after all.
Today, Bragg Communications, owners of eastern telco EastLink, announced that is has signed a purchase agreement to purchase Persona Communications. Terms of the deal were not disclosed.
With more than 260,000 customers, Persona provides communications services to customers throughout British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec and Newfoundland & Labrador.
Together, the companies will have over 500,000 customers spread from Newfoundland and Nova Scotia, into Ontario and west to Delta, B.C.
"This purchase represents an opportunity to significantly grow our business, to build upon our success as a telecommunications and entertainment company, and to work with the management and employees of Persona. With a history of innovation by our EastLink employees and our new employees at Persona, we will continue to launch new products and services and provide excellent customer service," said a statement from EastLink’s co-CEOs Lee Bragg and Dan McKeen,
This transaction establishes Bragg Communications as the largest privately held cable and communications company in Canada, and the only cable provider operating systems in all 10 provinces.
The agreement to purchase the shares of Persona is subject to regulatory approval, but expect that to be a slam dunk.
Persona is currently held by a consortium of private equity funds including HM Capital Partners, Birch Hill Equity Partners and CIBC Capital Partners. CIBC World Markets Inc. served as financial advisor to Persona. Financial terms of the agreement will not be disclosed.
More to come on this story.
