Companies say they won’t pursue the acquisition further
TORONTO and NEW YORK — The joint Altice USA-Rogers Communications months-long pursuit of Cogeco and Cogeco Communications has come to an end, with the companies’ second acquisition offer expiring today and both Altice and Rogers saying they won’t pursue the matter further.
In an email statement sent to Cartt.ca, an Altice spokesperson said: “Our offer to acquire Cogeco in order to own Atlantic Broadband has expired and we do not intend to extend it. We remain committed to our growth strategy and continue to focus on opportunities to drive value for our…
Continue Reading
MONTREAL – In a LinkedIn post on Wednesday, Cogeco Inc. announced it hired Paul Beaudry (above) as its new vice-president, regulatory affairs.
He will be succeeding Nathalie Dorval, “who is beginning a well-earned retirement,” reads the LinkedIn post. “We are sending our best wishes to Nathalie, who will remain in her position until November 27th.”
Beaudry, a lawyer, who has been based in Calgary as director of broadband policy and regulatory affairs with Telus and before that as director of development at the school of public policy, will be joining Cogeco in Montreal in the new year, he said on LinkedIn.
Continue Reading
ESSEX COUNTY – Several small communities outside of Windsor, Ontario, will start to see better broadband next year.
Southwestern Integrated Fibre Technology (SWIFT) on Friday announced it has awarded contracts to expand broadband services to 5,173 households and businesses across 20 communities in Essex County, including Essex, Kingsville, Leamington and Lakeshore. Construction is to be fully completed by fall of 2022.
SWIFT awarded $8.5 million in federal and provincial funding to Cogeco and TekSavvy, but in total, Essex County will receive $19 million in broadband upgrades, which includes more than $10.5 million in contributions from the two ISPs for five fibre-to-the-home…
Continue Reading
MONTREAL – While recent news swirling around the company has been about other things, Cogeco Inc. posted good fourth quarter and year-end 2020 results as broadband demand remained high in Canada and the U.S.
For the quarter ended August 31, 2020, revenue increased by 2.2% over Q4 2019 to reach $624.2 million while adjusted EBITDA reached $300 million, an increase of 6.7%. Cogeco Inc. contains Cogeco Communications (Cogeco Connexion in Canada and Atlantic Broadband in the States) as well as the company’s Quebec radio stations.
Full year revenue came in at $2.48 billion, a 1.4% increase over 2019 and…
Continue Reading
MONTREAL –- Cogeco Communications announced this morning it will purchase rural cable/telco/ISP DeryTelecom for $405 million.
Based in Saguenay, DeryTelecom offers internet, television, and telephony services to approximately 100,000 customers in over 200 municipalities across several regions in Quebec, including Estrie, Lanaudière, Montérégie and the Laurentians. Revenue and adjusted EBITDA for the fiscal year ended August 31, 2020 are estimated to be $105 million and $44 million, respectively, reads the Cogeco press release.
Cartt.ca featured the company in 2017. It was established by Gilles Déry, a TV salesman, in 1954. Back then, over-the-air TV reception wasn’t very good in…
Continue Reading
MONTREAL – Cogeco Inc. and Cogeco Communications Inc. announced today their boards of directors “have unanimously rejected the revised unsolicited, non-binding proposal from Altice USA, Inc. of New York and Rogers Communications Inc. of Toronto.”
The companies’ statement says the boards met early on Tuesday to consider the purchase offer and Louis Audet, who is the executive chair of both boards and the representative of the controlling shareholder Audet family, formally confirmed “the publicly stated unanimous position of the Audet family as set out in its press release dated October 18, 2020.
“Following separate deliberations of the independent board…
Continue Reading
Audet family would have received $900 million for controlling shares
NEW YORK and TORONTO – Altice USA announced Sunday evening it has presented a new, higher offer to purchase Cogeco Inc. and Cogeco Communications.
Then a bit later on Sunday evening, it was rejected by Cogeco’s controlling shareholder.
The new offer is for $11.1 billion, or $800 million more than the Altice/Rogers first pitch last month ($123/share for CGO and $150/share for CCA, a 57% premium over the shares’ prices as of August 1, notes the Altice release). What hasn’t changed is Altice’s desire to sell Cogeco’s Canadian assets to Rogers Communications,…
Continue Reading
MONTREAL — Cogeco Connexion announced today it is expanding its broadband network in Ontario with a $10-million investment that will provide high-speed Internet access to more than 8,000 homes and businesses in the areas of Arnprior and Deep River, and their surrounding communities.
The investment will be delivered in collaboration with the government of Canada as part of its Connect to Innovate (CTI) program which will contribute $2 million, says the press release announcing the $10-million broadband network investment.
5,100 homes and businesses in Arnprior, 465 in Chalk River, 1,700 in Deep River (including Mountain View), 455 in Beachburg, 590…
Continue Reading
GATINEAU – The CRTC said Friday the wholesale rate for French-language youth channel VRAK set by owner Bell Media is the right one for Cogeco Connexion to pay.
Cogeco had asked the Commission for Final Offer Arbitration over the long-running rate dispute but in the decision announced Friday, the Regulator said “The Commission selects Bell’s offer, thereby establishing the linear and multiplatform wholesale rates for distribution of VRAK by Cogeco. The Commission finds that the offer proposed by Bell is most appropriate when evaluated in light of factors relating to fair market value, taking into account their probative value.”
Cogeco…
Continue Reading
MONTREAL – On Friday, Rogers Communications announced it would spend big in Quebec, if it can buy Cogeco’s Canadian assets, primarily its networks in Ontario and Quebec.
It made a number of expensive promises, as we reported here, including investing $3 billion on wired and new 5% networks, adding thousands of jobs, and keeping Cogeco’s brand and head office alive in Quebec.
In a statement issued that day, Cogeco said Rogers doesn’t need to own it in order to invest well in the province.
“Rogers may continue making all the investments it wishes in Quebec but it doesn’t need Cogeco to…
Continue Reading
