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BCE buying wireless retailer Glentel in deal worth $670M

BCE Inc. buying wireless retailer Glentel Inc. in deal worth $670 million
BCE Inc (TSX:BCE) says it's buying wireless phone retailer Glentel Inc. (TSX:GLN) in a deal valued at $670 million in stock, cash and debt. THE CANADIAN PRESS/Chris Young

MONTREAL – BCE Inc. says it’s buying wireless phone retailer Glentel Inc. in a deal valued at $670 million in stock, cash and debt.

Glentel has nearly 500 locations across Canada, selling wireless products and services from a variety of carriers including Bell Mobility, Rogers Wireless, Chatr, Fido, SaskTel and Virgin Mobile.

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The company also operates 735 retail locations in the U.S. and 147 in Australia and the Philippines.

BCE says Glentel shareholders can choose to receive either $26.50 in cash or 0.4974 of a BCE share for each Glentel share they hold.

The company will also take on net debt and a minority interest of approximately $78 million as part of the deal, which will be funded with 50 per cent cash and 50 per cent BCE common shares.

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Glentel shares closed at $12.75 on the Toronto Stock Exchange on Thursday before the deal was announced.

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