Quebecor Media buys part of Caisse stake for C$500 mln

Wed Sep 9, 2015 9:11am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Sept 9 (Reuters) - Telecommunications provider and publisher Quebecor Media Inc, a unit of Quebecor Inc, said it had bought 28.6 percent of Caisse de dépôt et placement du Québec's stake in the company for C$500 million ($377 million).

Quebecor Media said the 7.3 million shares, held by Caisse unit Capital d'Amérique Investissements, would be canceled.

The Caisse, Canada's second-largest pension fund manager, continues to hold about 18.2 million shares, or 18.9 percent, of Quebecor Media.

Quebecor Inc bought back 30.5 million Quebecor Media shares from the Caisse for C$1.5 billion in October 2012. (cnb.cx/1K900Wm) ($1 = 1.3247 Canadian dollars) (Reporting by Anannya Pramanick in Bengaluru; Editing by Ted Kerr)