Québecor reports revenue jump following Freedom Mobile acquisition

The purchase came with a $2.85 billion price tag

Québecor’s acquisition of Freedom Mobile helped the company boost its earnings.

The company reported $171 million in net income in the second quarter of 2023. This is a considerable jump from the $156 million it reported at the same time last year. The company reported $1.4 billion in total revenue.

On the telecom side, revenues for services and equipment saw a 104 percent increase to $276 million. The company credits the acquisition of Freedom, revenue growth from Vidéotron, and increased revenue from internet services for the figure.

The company now has 3.6 million mobile and 1.7 million internet customers.

Québecor subsidiary Vidéotron acquired Freedom on April 3rd, taking hold of its wireless and internet customer base, infrastructure, spectrum, and retail stores.

“The acquisition of Freedom in April 2023 has positioned Québecor as Canada’s fourth national wireless provide,” Pierre Karl Péladeau, Québecor’s president and CEO, said in a press release.

“We have rapidly enhanced our product and service offerings and significantly upgraded Freedom’s wireless network.”

The acquisition allowed the company to upgrade “Freedom’s wireless network” and unveil a host of 5G plans for the first time in select areas of Ontario, Alberta, and B.C.

The company was also able to secure mobile virtual network operator (MVNO) access through Rogers’ network, helping it reach almost 70 percent of the population in Canada.

“In just four months, we have lowered telecom prices across the country by increasing competition and delivered on the majority of the commitments we made to Canadians and to Innovation, Science and Economic Development Canada,” Péladeau said.