Manitoba Telecom to sell unit to Zayo for C$465 mln

Mon Nov 23, 2015 7:19am EST
 
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Nov 23 (Reuters) - Canadian telecom company Manitoba Telecom Services Inc said on Monday it had agreed to sell its unit, Allstream Inc, to U.S.-based Zayo Group Holdings Inc for C$465 million ($347.4 million) in cash.

After closing costs, MTS said it expected to realize net proceeds of about C$425 million. ($1 = 1.34 Canadian dollars) (Reporting by Anet Josline Pinto in Bengaluru; Editing by Sriraj Kalluvila)