Canada's BCE to acquire US internet firm Ziply Fiber for over $3.5 bln (updated)

BCE

04/11/2024 12:57

(Adds details in paragraphs 2-5)
       Nov 4 (Reuters) - Canadian telecom firm BCE  BCE.TO 
said on Monday it would buy internet services provider Ziply
Fiber for C$5 billion ($3.60 billion) in cash, as it looks to
expand its fiber footprint in the United States.
    BCE's subsidiary, Bell Canada, will use C$4.2 billion of the
proceeds it got from selling its stake in Maple Leaf Sports &
Entertainment to Rogers Communications  RCIb.TO  to fund this
acquisition.
    The buyout underscores Bell's attempts to boost its fiber
and internet business amid stiff competition in Canada.
    After the deal closes, Bell said it would be poised to
expand its fiber footprint to more than 12 million locations
across North America by 2028.
    Bell will also assume all of U.S.-based Ziply's debt of
around C$2 billion.
    

($1 = 1.3901 Canadian dollars)

 (Reporting by Zaheer Kachwala in Bengaluru; Editing by Shilpi
Majumdar)
 ((Zaheer.Kachwala@thomsonreuters.com;))