Cogeco Communications has announced that it is acquiring Saguenay, Quebec-based cable provider DERYtelecom for $405 million CAD.
The cable provider offers internet, TV and telephone services to approximately 100,000 customers in more than 200 municipalities across Quebec.
“Our proven track-record in the successful integration of regional cable businesses, having acquired five companies in the U.S. and Canada over the past five years alone, demonstrates our commitment to bring superior connectivity to regional and rural communities,” said Cogeco CEO Philippe Jetté, in a press release.
The carrier outlines that it has the opportunity to leverage Cogeco Connexion’s product and sales expertise to add to DERYtelecom’s offerings while also increasing its customer base.
“As a Quebec-based company which is committed to its employees and its regional communities and with a history similar to ours, Cogeco presented itself as the best possible partner for us,” said Bryan Godbout, the president of DERYtelecom, in the press release.
Cogeco outlines that the acquisition allows it to further expand its rural footprint through network extensions.
This acquisition comes amid a takeover bid for Cogeco from Altice USA and Rogers. Cogeco’s board of directors recently rejected a revised proposal from the two companies, and stated that it “will not engage with Altice and Rogers.”