Bell will sell Northwestel a consortium of Indigenous communities from the Yukon, the Northwest Territories and Nunavut called Sixty North Unity.
Announced in a press release, the purchase price of the transaction is up to $1 billion in cash, though it may be “subject to adjustments.” Sixty North Unity says that following the transaction, Northwestel will be the largest telecom company with full Indigenous ownership.
Sixty North Unity also detailed plans to make significant investments to double internet speeds to 1Gbps for fibre customers, expand high-speed internet availability to meet the CRTC’s 50/10Mbps goal, offer low-earth orbit (LEO) satellite technology and invest $4 million to build the Great Slave Lake Fibre Project to improve resiliency in the Yellowknife capital and South Slave regions of the Northwest Territories.
The consortium plans to maintain Northwestel’s leadership team but also increase Indigenous representation in the workforce. Bell says it will maintain a strategic partnership with Northwestel after the transaction closes. Bell acquired Northwestel in 1988.
Image credit: Northwestel
Source: Northwestel Via: CTV News
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