Canada's BCE to buy its mobile products distributor for C$594 mln

Fri Nov 28, 2014 9:03am EST
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Nov 28 (Reuters) - BCE Inc, Canada's largest telecommunications company, said it would buy its mobile products distributor, Glentel Inc, for about C$594 million ($520 million) in cash and stock.

Glentel's shareholders will receive C$26.50 per share, which represents a 108 percent premium to its Thursday close on the Toronto Stock Exchange.

Including net debt and minority interest of about C$78 million, the deal is worth about C$670 million.

($1 = 1.1417 Canadian dollars) (Reporting by Sneha Banerjee in Bangalore; Editing by Maju Samuel)