MTS completes sale of Allstream
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Hey there, time traveller!
This article was published 15/01/2016 (3648 days ago), so information in it may no longer be current.
Manitoba Telecom Services Inc. has completed the sale of its Toronto-based Allstream division to Zayo Group of Boulder, Col.
After closing costs, MTS expects to realize net proceeds of approximately $420 million, which company officials said was about $15 million more than the anticipated net proceeds of the previously attempted sale of Allstream in 2013.
Industry Canada rejected that deal because of what it said were national security issues.
MTS CEO Jay Forbes said in a statement, “The closing of this transaction represents an important milestone in delivering on the commitments we have made to our shareholders. With this exit from Allstream, MTS is in an improved position to continue our transformation to become a true, customer-first organization, leveraging our tremendous assets and unique position to deliver strong results in a competitive market.”
The company expects to share details on the use of the proceeds on February 4, 2016 when it releases fourth quarter and annual results.