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MONTREAL, Quebec (October 17, 2007) – Teachers’ Private Capital, the private investment arm of the Ontario Teachers’ Pension Plan, Providence Equity Partners Inc., and Madison Dearborn Partners, LLC, today announced that George A. Cope will assume the role of Chief Executive Officer (CEO) of BCE and Bell Canada upon closing of the group’s pending acquisition of the Company.
Currently serving as President and Chief Operating Officer of Bell Canada, Mr. Cope will continue to work closely with Michael J. Sabia, the current CEO of BCE and Bell Canada, and management will continue to report to the current board of directors until the transaction closes. Mr. Sabia announced on September 21, 2007 that he will depart the Company upon completion of the acquisition transaction.
Mr. Cope has extensive telecommunications leadership experience. He joined Bell Canada in 2005 as President and COO and leads the Company's customer-facing units, including Residential (wireline, Internet and video), Mobility, Enterprise, SMB and Wholesale. Prior to joining Bell, Mr. Cope served for five years as President and CEO of TELUS Mobility. Previously, he led national wireless carrier Clearnet Communications as its President and CEO for 13 years.
“I am pleased and excited by the opportunity to lead BCE as it enters a dynamic new era,” said Mr. Cope. “We have a strong market position and compelling opportunities for profitable growth. We will continue adding to our innovative suite of residential and business communications services while focusing on providing all our customers with the highest quality service. I look forward to working with Teachers’, Providence, Madison Dearborn and the talented Bell team to continue to grow the business in the years ahead.”
“I would like to offer my sincere congratulations to George,” said Mr. Sabia. “Throughout his career George has demonstrated a deep understanding of the telecom market and evolving customer needs. We have worked to simplify and strengthen Bell’s core business, delivering significant economic value to our shareholders. I look forward to continuing to work closely with George and the investor group as we progress toward the successful close of the transaction.”
Jim Leech, President and CEO-designate, Ontario Teachers’ Pension Plan, said: “We respect Michael’s decision to step down and greatly appreciate his valuable contributions and efforts during his tenure to streamline BCE and provide the foundation for continued success. We are fortunate to have George, a proven and exceptional telecommunications executive, ready to lead BCE forward. He has a tremendous track record of driving growth and innovation at leading telecommunications companies, and a deep understanding of the Canadian marketplace. We look forward to working together with George and everyone at BCE to serve customers and build value in the years ahead.”
Mr. Cope serves on the Boards of Directors of BMO Financial Group and NII Holdings, Inc. (formerly known as Nextel International), and on the Advisory Board of the Richard Ivey School of Business at the University of Western Ontario. A past recipient of Canada's Top 40 Under 40 Award, he holds an Honours Business Administration degree from the University of Western Ontario.
The closing of the plan of arrangement involving BCE and the investor group is subject to customary conditions, including the receipt of regulatory approvals. On September 21, 2007, the arrangement was approved at a Special Meeting of shareholders by more than 97% of the votes cast by holders of common and preferred shares.
About BCE Inc.
BCE is Canada's largest communications company, providing the most comprehensive and innovative suite of communication services to residential and business customers in Canada. Under the Bell brand, the Company's services include local, long distance and wireless phone services, high-speed and wireless Internet access, IP-broadband services, information and communications technology services (or value-added services) and direct-to-home satellite and VDSL television services. Other BCE holdings include Telesat Canada, a pioneer and world leader in satellite operations and systems management, and an interest in CTVglobemedia, Canada's premier media company.
About Ontario Teachers’ Pension Plan
With more than C$8 billion in assets, Teachers’ Private Capital is one of North America’s largest private investors, providing equity financing for large and mid-sized companies, and venture capital for developing industries. The C$106-billion Ontario Teachers’ Pension Plan is the largest single-profession pension plan in Canada. It is an independent corporation responsible for investing the pension fund and administering the pensions of Ontario’s 271,000 active and retired teachers.
About Providence Equity Partners Inc.
Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, entertainment, communications and information companies around the world. The principals of Providence manage funds with approximately US$21 billion in equity commitments and have invested in more than 100 companies operating in over 20 countries since the firm's inception in 1989. Providence is headquartered in Providence, RI (USA) and has offices in New York, London, Hong Kong and New Delhi.
About Madison Dearborn Partners
Madison Dearborn Partners (“MDP”), based in Chicago, is one of the most experienced and successful private equity investment firms in the United States. MDP has more than US$14 billion of equity capital under management and makes new investments through its most recent fund, Madison Dearborn Capital Partners V, a US$6.5 billion investment fund raised in 2006. Over the past 20 years, MDP’s principals have completed over 200 investments. For more information, please visit the MDP website at www.mdcp.com.
Caution Concerning Forward-Looking Statements
This news release contains forward-looking statements relating to the proposed acquisition of BCE. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on these forward-looking statements.
The completion of the proposed transaction is subject to a number of terms and conditions, including, without limitation: (i) approval of the CRTC, Industry Canada and other applicable governmental authorities, (ii) necessary court approval, and (iii) certain termination rights available to the parties under the definitive agreement governing the terms of the transaction. These approvals may not be obtained, the other conditions to the transaction may not be satisfied in accordance with their terms, and/or the parties to the definitive agreement may exercise their termination rights, in which case the proposed transaction could be modified, restructured or terminated, as applicable. Failure to complete the proposed transaction could have a material adverse impact on the market price of BCE's shares. In addition, depending on the circumstances in which the proposed transaction is not completed, BCE could have to pay significant fees and costs as directed by the purchaser.
The forward-looking statements contained in this news release are made as of the date of this release. We disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, we undertake no obligation to comment on expectations of, or statements made by, third parties in respect of the proposed transaction. For additional information with respect to certain of these and other assumptions and risks, please refer to the definitive agreement dated June 29, 2007, as well as BCE's 2007 Second Quarter MD&A dated July 31, 2007 and BCE’s management proxy circular dated August 7, 2007, all filed by BCE with the Canadian securities commissions (available at www.sedar.com) and with the U.S. Securities and Exchange Commission (available at www.sec.gov).
Contact:
Deborah Allan
Director, Communications and Media Relations
Ontario Teachers' Pension Plan
416-730-5347
deborah_allan@otpp.com
Providence Equity Partners
George Sard/Andrew Cole
212-687-8080/415-618-8750
Madison Dearborn Partners
Mark Tresnowski
312-895-1040
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