Amtelecom buys People's Communications for $21.3 million

AYLMER, ON - Amtelecom Income Fund announced today that it is purchasing People's Communications for $21.3 million. The combination of the two independent Ontario telecom firms creates “a significantly stronger player in Ontario's independent telecommunications sector,” says the joint press release. The deal has been unanimously approved by the People's board of directors and Amtelecom's board of trustees. Approval of the combination is subject to the approval of People's shareholders. A meeting of the People's shareholders is expected to be held on January 17, 2006 at the North Lambton Secondary School, 15 George Street in Forest, Ontario. The resolution to...