Pierre Karl Péladeau to buy Taxelco, including insolvent electric taxi company

In this file photo, Quebecor President and CEO Pierre Karl Peladeau speaks at the company's annual general meeting in Montreal, Thursday, May 11, 2017. Graham Hughes/The Canadian Press

The head of Quebecor Inc. says he is personally acquiring the assets of Taxelco, which owns two large Montreal-area taxi companies and insolvent electric transportation firm Teo Taxi.

Pierre Karl Péladeau says the deal results from the acceptance of the final purchase offer put forward by Placements Saint-Jerome, a division of Groupe Péladeau.

READ MORE: Teo Taxi halting operations, laying off all drivers, says union rep

The businessman posted online that the transaction is scheduled to close May 31.

Péladeau says the acquisition will allow his investment firm to play a “significant role in the responsible and necessary pursuit of the green and electric migration of taxi transportation services in Montreal.”

READ MORE: Pierre Karl Péladeau may be interested in restarting Teo Taxi if industry rules changed

He added that the deal will ensure the operation of Taxi Diamond and Taxi Hochelaga, the preservation of several jobs and the safeguarding of Teo Techno technology and trademarks associated with Teo Taxi.

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Teo Taxi, launched by Alexandre Taillefer, ceased operations the end of January causing some 400 drivers to lose their jobs.

WATCH BELOW: Montreal’s electric taxis

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