Quebecor buys back partial stake in media unit for C$1.5 billion

Wed Oct 3, 2012 7:21am EDT
 
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(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)