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Manitoba Tel agrees to sell Allstream to Egyptian billionaire

 

BERTRAND MAROTTE — THE GLOBE AND MAIL

Last updated Friday, May. 24 2013, 8:48 AM EDT

 

 

File photo of workers at the MTS Centre in Winnipeg. (Phil Hossack/CP)

     

Manitoba Telecom Services Inc. has struck a $520-million deal to sell its Allstream division to an investment firm controlled by Egyptian billionaire Naguib Sawiris.

 

Allstream had been under strategic review at MTS since last fall.

 

Mr. Sawiris’s company, Accelero Capital Holdings, had been rumoured to be the leading bidder for Allstream.

 

 

Toronto-based Allstream has about 30,000 route kilometres of fibre network coverage across Canada, serving more than 50,000 businesses.

 

“This investment reflects Accelero’s long-term commitment to the Canadian telecommunications market, and our belief in the opportunity that exists to provide capital to enhance the competitive landscape in Canada,” Mr. Sawiris said in a news release Friday.

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  Manitoba Tel agrees to sell Allstream to Accelero for $520-million   Canadian Press | 13/05/24 | Last Updated: 13/05/24 8:51 AM ET More from Canadian Press   HandoutAccelero is an investment group focused on telecommunications, digital media and technology companies.   Twitter Google+ LinkedIn Email Comments More WINNIPEG — Manitoba Telecom Services Inc. has agreed to sell

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Manitoba Telecom to sell Allstream for $520-million 2013-05-24 09:01 ET - News Release Mr. Pierre Blouin reports MTS CONCLUDES STRATEGIC REVIEW PROCESS WITH AGREEMENT TO SELL ALLSTREAM TO ACCELERO CAPITAL IN TRANSACTION VALUED AT $520 MILLION Manitoba Telecom Services Inc. has concluded the wide-ranging strategic review to consider a full range of alternatives to enhance Allstream's growing