MONTREAL – Cogeco Communications today announced it has signed a deal to acquire iTéract Inc., a telecommunications service provider in southern Quebec.
Financial terms were not disclosed.
iTéract uses a combination of fixed-wireless and fibre-to-the-home technologies to serve approximately 2,000 customers in large rural regions south of Montreal and Quebec City.
“Given the exceptional circumstances due to the Covid-19 crisis, the parties will work to ensure an orderly closing of the transaction, which is expected in the coming weeks,” says the press release. For the time being, it will continue to operate under its brand name, Internexe.
As part of the transaction, Cogeco will acquire 15 exclusive 3.5 GHz spectrum licenses for which the transfer was already approved by Innovation, Science & Economic Development (ISED) Canada. The 3.5 GHz band is globally recognized for the deployment of 5G technologies. This transaction represents the third purchase of spectrum licenses by Cogeco over the last two years
“iTéract’s network, spectrum licenses and expertise will be complementary assets in our strategy to extend our regional and rural Internet coverage and will further reinforce our position to enter the wireless market in a disciplined manner,” said Luc Noiseux, Cogeco’s senior vice-president strategy and CTO, in the press release.
