MONTREAL—Quebecor Inc. has signed a deal to buy the remaining stake in Quebecor Media Inc. held by the Caisse de depot et placement du Quebec for $1.69 billion. The move to acquire the 18.47 per cent interest in the media group will give Quebecor complete ownership of the business. “Through the convertible debenture, la Caisse maintains an interest in the business, while providing Quebecor with increased financial flexibility to pursue its growth plan,” Sabia said in a statement. The deal, which is subject to the customary closing conditions and regulatory approvals, is expected to close by June 22. The announcement came as Quebecor doubled its quarterly dividend to 5.5 cents per share and reported its first-quarter profit grew compared with year ago.

Source: thestar May 08, 2018 19:18 UTC