MONTREAL –? Cogeco announced today that the holding company of the company's founder is privately selling 432,270 of its subordinate voting shares of the company.
Gestion Audem will still retain a 70.8% control of Cogeco, with ownership over 1,809,660 multiple voting shares and 509,810 subordinate voting shares of Cogeco.
Louis Audet, Gestion Audem president and son of Cogeco's founder, the late Henri Audet, said, "This exceptional transaction is being carried out as part of the succession planning following the death of the late Henri Audet. On behalf of all members of the Audet family, I wish to confirm that we remain fully committed to continuing to pursue the work of our father who founded Cogeco more than fifty years ago." Henri Audet died in November, 2012.
The transaction is expected to close on or about May 21, 2013.
