Cogeco closes sale of Cogeco Peer 1

MONTREAL - Cogeco Communications has wrapped the $720 million sale of its business information and communications technology services subsidiary Cogeco Peer 1 Inc. to investment firm Digital Colony.Cogeco Peer 1’s portfolio includes over 3,300 route kilometers of owned, dense metro fibre in greater Toronto and Montreal, as well as several data centers across North America and Europe. When the deal was announced in February, Cogeco said that it would retain “significant” fibre capacity in Toronto and Montreal.The company said Wednesday that it will use the bulk of the net proceeds from the sale to repay amounts outstanding under its term revolving facility and to...