Quebecor buys back more of Caisse de depot’s share of Quebecor Media

MONTRÉAL - Quebecor is spending $500 million to reduce the share of Quebecor Media held by provincial pension fund manager Caisse de dépôt et placement du Québec (CDPQ).The companies said Wednesday that Quebecor has purchased for cancellation 7.27 million common shares of Quebecor Media held by Capital d'Amérique Investissements, a wholly owned subsidiary of CDPQ, amounting to approximately 28.6% of CDPQ's interest. Following the transaction, CDPQ will hold a 18.93% interest (approximately 18.2 million common shares) of Quebecor Media.Quebecor added that the $500 million cash purchase price will be financed by accessing debt-capital markets."This transaction continues the process announced in...