BCE sells CGI stake for $859 million

MONTREAL – BCE will soon have over $2 billion dollars in the bank. Bell Canada Enterprises announced today that it is selling its stake in IT services firm CGI for $859 billion. CGI is buying 100 million of its shares from BCE. Added to the $1.3 billion it’s getting from the sale of majority control of Bell Globemedia, announced earlier this month and the now has a war chest of $2.1 billion. And, following the expiration of a 120-day standstill period from the closing date, BCE intends to dispose of its remaining 28.3 million class A shares, having a current...