September 10, 2010
TORONTO - Ontario Teachers' Pension Plan (Teachers') has agreed to sell its 25 percent ownership of privately held CTVglobemedia (the Company) to BCE Inc. (Bell).
In confirming the sale of its stake to strategic buyer Bell, Neil Petroff, Teachers' Executive Vice President and Chief Investment Officer, stated that the sale positions Teachers' Private Capital, the pension plan's private investment department, to continue its active pursuit of further global investment opportunities for its significant telecom, media and technology portfolio.
"Bell's purchase provides a timely and efficient exit from our investment in CTVglobemedia. We continue to view telecom, media and technology as important and exciting sectors that we are well positioned to invest in going forward," said Mr. Petroff.
Teachers' Private Capital acquired 20 percent of CTVglobemedia in 2005 and obtained an additional five percent of the Company in 2006 with the follow-on acquisition of CHUM. Other selling shareholders include the Woodbridge Company Limited and Torstar Corporation.
Including the value of Bell's present stake, the transaction has an equity value of $1.5 billion. Together with $1.7 billion in proportionate debt, the total transaction value is $3.2 billion. In a separate transaction, Woodbridge will acquire ownership of the Globe and Mail, in which Bell will continue to retain a 15 percent equity position. Closing is expected to occur in mid-2011 and is subject to customary regulatory approvals.
About Teachers' Private Capital
Teachers' Private Capital is one of the world's largest private equity investors. It is the private investment department of the Ontario Teachers' Pension Plan, the largest single-profession pension plan in Canada. The Ontario Teachers' Pension Plan is an independent corporation responsible for investing the fund and administering the pensions of Ontario's 289,000 active and retired teachers. For more information visit www.otpp.com.
Director, Communications and Media Relations
Ontario Teachers' Pension Plan