BCE deal gets shareholder approval, Sabia to leave

MONTREAL – As expected, Bell Canada Enterprises shareholders today overwhelmingly approved the sale of the company to a consortium led by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, Providence Equity Partners and Madison Dearborn Partners.And once the deal is done, BCE CEO MIchael Sabia told investors in Montreal he would be stepping down. Most envision COO George Cope as his successor. The arrangement involves the acquisition by the consortium of all outstanding common and preferred shares of BCE. Common shareholders will receive $42.75 per share, “representing a 40% premium over the average closing price of...