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Onex Corp. Joins BCE Bidding War

6:55 am on June 12, 2007 | Category: Business, Corporate

Toronto-based investment firm, Onex Corp., confirmed yesterday that it has joined a group of bidders hoping to acquire Canada’s largest telecom provider, BCE Inc.

Onex has committed $500 million to a bidding consortium which also includes the Canada Pension Plan Investment Board, Caisse de dÃ©pÃ´t et placement du Quebec, and a U.S. equity firm called Kohlberg Kravis Roberts & Co.

“The addition of Onex strengthens our Canadian-led consortium as it remains focused on the due diligence process for the potential acquisition of an important Canadian organization,” commented CPP Investment Board president and CEO, David Denison.

Also bidding for the telecom giant is a consortium led by BCE’s biggest shareholder, the Ontario Teachers’ Pension Plan; as well as another group that includes New York-based equity firm, Cerberus Capital Management and the Hospitals of Ontario Pension Plan.

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