TORONTO and MONTREAL – Canada’s largest private equity company, Onex Corp., announced today it is joining Canada Pension Plan Investment Board, Caisse de depot et placement du Quebec, and Kohlberg Kravis Roberts & Co. in their bid to take Bell Canada Enterprises private.
“Onex is joining the consortium with the consent of BCE’s Strategic Oversight Committee, a committee of independent directors established on April 20, 2007 to oversee the Company’s evaluation of a range of strategic alternatives,” says Monday’s press release.
“Onex is Canada’s oldest and largest private equity firm and we are very pleased that they have joined our consortium. The addition of Onex strengthens our Canadian-led consortium as it remains focused on the due diligence process for the potential acquisition of an important Canadian organization,” said David Denison, president and CEO, CPP Investment Board.
This group is one of three that have announced publicly they are in the running for the massive telco.
"We are delighted to have the opportunity to pursue the acquisition of one of Canada’s leading companies with three outstanding partners. We have very strong relationships with every member of this consortium and have partnered with the CPP Investment Board and the Caisse de depot et placement du Quebec on many prior investments," said Andrew Sheiner, managing director of Onex. "We have built Onex through a focus on long-term value creation and the development of world-class companies, and this philosophy is shared by all members of this consortium."
"Each of the consortium partners is committed to generating strong investment returns with a long-term investment horizon,” added Denison. “Further, the CPP Investment Board and the Caisse de depot et placement du Quebec have very long-term investment mandates to support the pension promise of millions of Canadians. Furthermore, we would still welcome the opportunity to add additional Canadian pension funds to our consortium if permitted by the Strategic Oversight Committee."
