MONTREAL – Quebecor has bought back all of the shares of Quebecor Media (QMI) still held by provincial pension fund manager Caisse de dépôt et placement du Québec.
The agreement provides that Quebecor and Quebecor Media purchase 17,628,911 shares, representing a 18.47% stake in Quebecor Media, with respect to which the parties have agreed on a value of $1.690 billion.
“Thanks to its currently very favourable financial profile and the substantial amount of cash it has on hand, Quebecor is now in a position to complete the repurchase of the share capital of Quebecor Media initiated in 2012”, said Quebecor president and CEO Pierre Karl Péladeau, in a statement. “By gaining access to 100% of the cash flows that it generates, Quebecor will now be better equipped to seize business opportunities that arise. Ultimately, these transactions will allow us to have complete control over our destiny."
