CDPQ invests in Cogeco Communications
MONTRÉAL, Dec. 11, 2023 /CNW/ - CDPQ announces an investment in Cogeco Communications Inc. (TSX: CCA) following the purchase of the block of shares held by Rogers Communications Inc. (TSX: RCI.B). CDPQ will hold $350 million of the capital of this Québec leader, one of the top 10 cable companies in North America, upon the closing of this transaction, which was announced earlier today.
"Already active with Cogeco Communications through past acquisitions, CDPQ is supporting the growth projects of this leading telecommunications company as connectivity needs continue to grow. This major share purchase, orchestrated by CDPQ, is key for the company and its plan to develop the North American market," said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ.
"We're delighted by an even stronger engagement by the CDPQ," said Philippe Jetté, President and Chief Executive Officer of Cogeco Inc. and Cogeco Communications Inc. "This transaction is a unique opportunity for us to build shareholder value while pursuing the delivery of our strategic plan," added Mr. Jetté.
Cogeco is a growing competitive force in today's telecommunications sector. Through its business units, Cogeco Connexion in Canada and Breezeline in the U.S., it provides Internet, video and telephone services in Québec, Ontario and 13 U.S. states.
CDPQ first invested in Cogeco Communications in 2013 by providing a CAD 50 million loan. In 2017, CDPQ also contributed USD 315 million toward the transaction to acquire MetroCast cable systems in the United States. At USD 1.4 billion, this transaction is Cogeco Communications' largest acquisition to date.
ABOUT CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2023, CDPQ's net assets totalled CAD 424 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.
CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries. |
ABOUT COGECO COMMUNICATIONS INC.
Rooted in the communities it serves, Cogeco Communications Inc. is a growing competitive force in the North American telecommunications sector, serving 1.6 million residential and business customers. Through its business units Cogeco Connexion and Breezeline, Cogeco Communications provides Internet, video and phone services in Canada as well as in thirteen states in the United States. Cogeco Communications Inc.'s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CCA).
For more information
MEDIA RELATIONS TEAM
CDPQ
+ 1 514 847-5493
medias@cdpq.com
YOUANN BLOUIN
Director, Media Relations & Strategic Communications
Cogeco Communications Inc.
+1 514 297-2853
youann.blouin@cogeco.com
SOURCE CDPQ
View original content: http://www.newswire.ca/en/releases/archive/December2023/11/c5524.html
