Québecor has acquired the independent internet and television service provider VMedia.
As first reported by Cartt.ca, Québecor has acquired all of VMedia’s shares. “The ultimate control of 2251 will be exercised by Pierre Karl Péladeau,” Québecor’s CEO, the CRTC, states on its website.
The application of approval states Québecor will be financing VMedia’s expansion, expanding Québecor’s presence across the country.
The application didn’t disclose a purchase price. As pointed out by Cartt.ca, neither company announced the deal publicly.
“[The deal] will ensure VMedia, with the support of Québecor, continues its momentum. The company has complementary innovative solutions that will be exploited to their full potential nationwide,” a Québecor spokesperson told Cartt.ca.
“VMedia is now one of the key partners that will help accelerate Québecor’s plan to increase competition in Canada and offer better multi-service offers, giving Canadian consumers more choices at a better price.”
Québecor is also set to acquire Freedom Mobile from Shaw Communications, assuming Rogers’ takeover of Shaw is successful. The company has proposed to pay $2.85 billion for the company.
Cartt.ca further reports VMedia will continue as its own company under Québecor’s banner. The company’s leaders and all its employees will continue working with the company, VMedia co-founder George Burger told the publication.
“It has been a bit of a source of frustration that we have not been able to raise the capital needed to expand our business and be able to do justice to the things we’ve built and the things we tried to achieve,” Burger said.
“With a parent like Québecor, who is dedicated to competition, it’s just a perfect opportunity to maximize the features available to us.”
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