Bell announces agreement to sell Northwestel to Indigenous consortium for $1B

Bell Canada announced Tuesday its intention to sell its subsidiary Northwestel to Sixty North Unity, a consortium of indigenous organizations from the Yukon, Northwest Territories and Nunavut, in a transaction worth up to $1 billion in cash. The deal will see Northwestel become fully indigenous-owned, making it the largest telecommunications company worldwide with full indigenous ownership, a Bell press release says. The strategic transaction will create more opportunities for investment and ownership in critical infrastructure and communications projects for northern indigenous communities, the release says. In addition, the acquisition “will provide Indigenous communities with greater access to long-term stable cash flows...