By Canadian Press

BCE signs deal to buy U.S. fibre internet provider Ziply Fiber for $5 billion

Nov 4, 2024 | 5:32 AM

MONTREAL — BCE Inc. says it has signed a deal to buy U.S. fibre internet provider Ziply Fiber for about $5 billion in cash.

In addition to the purchase price, BCE will assume about $2 billion in net debt as part of the transaction.

The company says the deal will extend Bell’s fibre footprint to the United States, adding approximately 1.3 million fibre locations.

Based in Kirkland, Wash., Ziply Fiber offers fibre internet service in the U.S. Pacific Northwest, including Washington, Oregon, Idaho and Montana.

BCE says it will use about $4.2 billion in net proceeds from the sale of its stake in Maple Leaf Sports & Entertainment to help pay for the deal.

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The company also says it plans to pause the growth of its dividend until its dividend payout and net debt leverage ratios are tracking towards its target policy ranges.

This report by The Canadian Press was first published Nov. 4, 2024.

Companies in this story: (TSX:BCE)

The Canadian Press