Montreal's Cogeco aquires Toronto Hydro

[ErickMontreal]

Montreal's Cogeco aquires Toronto Hydro

 

Mike King, Montreal Gazette

Published: Friday, June 13

 

MONTREAL - Cogeco Cable Inc. is spreading its network into Canada's biggest business telecommunications market with the purchase of Toronto Hydro Telecom Inc.

 

"This acquisition is another step in the enrichment of the Cogeco Business Solutions Data offering," Louis Audet, president and CEO of the Montreal company, said yesterday in announcing the deal.

 

He said THTI's state-of-the-art network, dedicated workforce and Toronto business market potential "should complement our existing business telecommunications activities in Ontario and allow future growth for Cogeco Cable in this line of business."

 

Cogeco is the second-largest cable telecommunications operator in Ontario, Quebec and Portugal respectively based on the number of basic cable subscribers.

 

Audet said the takeover "demontrates our willingness to seize upon external growth opportunities in our Canadian footprint when they arise and fit well with our business strategy."

 

The deal provides Cogeco with a unique chance to add owned and operated points of presence throughout the greater Toronto area, linked to its other existing broadband facilities extending over the dense Ontario telecommunications corridor from Windsor to Cornwall.

 

At the same time, THTI customers will be able to benefit from Cogeco's extensive fiber network spanning Ontario and Quebec.

 

Shares closed at $39.89 on the Toronto Stock Exchange yesterday, up $1.08.

 

mking@thegazette.canwest.com

 

http://www.canada.com/montrealgazette/news/business/story.html?id=8bb1d48f-5b0f-44ce-a31a-3ee91ef6ef00