Canada’s Competition Bureau today has approved the sale of GLENTEL to BCE, along with a subsequent approval of Bell’s 50% sale to Rogers, as noted by issued “no action letters,” which means regulatory conditions have been fulfilled by these companies.
Burnaby-based GLENTEL was acquired by Bell back in late November of last year in a $594 million deal, only to have the sale blocked by Rogers. Eventually, both wireless carriers agreed to a deal where Bell would sell a 50% stake to Rogers for $392 million in cash, quietly announced on Christmas Eve last year.
GLENTEL and Bell have also settled on May 20, 2015 as the date for their Arrangement to be completed, after shareholders make a decision on their election of consideration:
GLENTEL shareholders may elect to receive either the cash consideration of $26.50 per share or the common share consideration of 0.4974 of a BCE common share per share as specified under the Arrangement for all of their GLENTEL shares.
GLENTEL operates wireless booths under the Wireless Wave, Tbooth Wireless, Wireless Etc., and MacStation brands, along with providing retail management services for Costco Canada, Sans Fil and Samsung, to go with its wireless retail operations in the U.S., Australia and the Philippines.