MONTREAL – Bell Canada parent BCE has finalized the sale of its 22.1 million shares in satellite services company SkyTerra Communications for approximately $111 million.
The company said Tuesday that the move will allow Bell to focus on its Canadian broadband network and service investment.
"The sale of our interest in SkyTerra is a perfect example of BCE’s commitment to eliminate holdings in businesses that do not enhance the execution of Bell’s strategic imperatives," said BCE and Bell Canada CFO Siim Vanaselja, in a statement. "The proceeds of such transactions support Bell’s strategy to invest in broadband network and service expansion while achieving a competitive cost structure."
SkyTerra is a developer and supplier of mobile satellite communications services based in Reston, VA. It was purchased by private investment firm Harbinger Capital Partners in an all-cash merger last September.
