Caisse cuts stake in Quebecor in $1.5-billion deal

MONTREAL - Quebec investment fund Caisse de depot et placement du Quebec is cutting its original investment in Quebecor Media from 45.3% to 24.6% in a deal worth about $1.5 billion. Quebecor Inc. bought back 30.5 million shares of unit Quebecor Media Inc (QMI) from Caisse and will increase its holdings in QMI to more than 75% from less than 55%. Under the deal, Quebecor will purchase approximately 20.3 million shares of QMI held by the Caisse for an aggregate purchase price of $1 billion, payable in cash. Quebecor will buy back an additional 10.2 million shares by issuing to...