November 26, 2008
TORONTO: BCE Acquisition Inc., a company organized by an investor group led by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan and affiliates of Providence Equity Partners Inc., Madison Dearborn Partners, LLC and Merrill Lynch Global Private Equity, issued the following statement regarding BCE's announcement today:
"The delivery of the solvency opinion is a condition to the completion of the acquisition of BCE. The purchaser has been working closely with BCE to take the actions required by the definitive agreement in connection with the transaction and will continue to fulfill its obligations under the terms of the agreement."
About Teachers' Private Capital
Teachers' Private Capital is one of the world's largest private equity investors. It is the private investment arm of the Ontario Teachers' Pension Plan, the largest single-profession pension plan in Canada, with a value as of December 31, 2007 of $108.5 billion. The Ontario Teachers' Pension Plan is an independent corporation responsible for investing and administering the pensions of 280,000 active and retired Ontario 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$22 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, Hong Kong, London, Los Angeles, 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$18 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.
About Merrill Lynch Global Private Equity
Merrill Lynch Global Private Equity is the private equity investment arm of Merrill Lynch & Co, Inc. For more information visit www.ml.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.
Director, Communications and Media Relations
Ontario Teachers' Pension Plan
George Sard/Andrew Cole
Providence Equity Partners
(212) 687-8080/(415) 618-8750
Madison Dearborn Partners
Merrill Lynch Global Private Equity