September 9, 2015 / 1:20 PM / 3 years ago

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

Pierre Dion, president and chief executive officer of Quebecor and Quebecor Media arrives for their annual meeting in Montreal, June 19, 2014. REUTERS/Christinne Muschi

(Reuters) - Telecommunications provider and publisher Quebecor Media Inc [QBRMD.UL], a unit of Quebecor Inc (QBRb.TO), 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. (

Reporting by Anannya Pramanick in Bengaluru; Editing by Ted Kerr

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