Canadian commission to hold public hearing in BCE merger

By Lisa Kerner

Charlotte, N.C., Dec. 21 - The Canadian Radio-television and Telecommunications Commission scheduled a public hearing for Feb. 25 in regards to the change in control of BCE, Inc.'s broadcasting licenses to an investor group.

The investor group is led by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, Providence Equity Partners Inc., Madison Dearborn Partners, LLC and Merrill Lynch Global Private Equity, according to a company news release.

BCE now expects its merger with the investor group to close in the first part of the second quarter of 2008.

The U.S. Federal Communications Commission granted its approval of the merger on Dec. 20, BCE said.

As previously reported, the investor group agreed to acquire all of BCE's outstanding common shares for C$42.75 cash per share as well as all of BCE's outstanding preferred shares at between C$25.25 and C$25.87 each.

The all-cash transaction is valued at C$51.7 billion, including debt, preferred equity and minority interests.

BCE is a Montreal-based communications company that provides telephone, internet, television and information services.

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