BCE Announces Teleglobe Acquisition

BCE Inc. announced on February 15, 2000 a definitive agreement to acquire the remaining 77 per cent of shares in overseas long-distance carrier Teleglobe Inc. that it does not hold for $9.65 billion worth of BCE stock. Jean-Paul Bisnaire, Delphine Brooker and Vincent A. Mercier of Davies, Ward & Beck are acting for BCE and Pierre A. Raymond, Steve Robitaille, and Robert Hogan of Stikeman Elliott are advising Teleglobe on the complex deal, which involves a mechanism for gearing the value of BCE stock to be offered to the Teleglobe shareholders to the BCE price after the Nortel sale. The acquisition will further bolster BCE’s global presence in the increasingly deregulated international communications market.