Quebecor buys back partial stake in media unit for C$1.5 billion
(Reuters) - Cable and media company Quebecor Inc (QBRa.TO: Quote) bought back 30.5 million shares of unit Quebecor Media Inc from Canadian pension fund Caisse de depot et placement du Quebec for C$1.5 billion.
The repurchase of shares will reduce the fund's stake in Quebecor Media to 24.6 percent from 45.3 percent.
Quebecor Media will buy 20.4 million shares from Caisse for C$1 billion in cash.
Parent company Quebecor will buy 10.2 million shares for C$500 million subordinated debentures which are convertible into the company's class B subordinate shares.
(Reporting by Shounak Dasgupta in Bangalore)
© Thomson Reuters 2017 All rights reserved.