BCE sells stake in SkyTerra for about C$111 million
(Reuters) - BCE Inc (BCE.TO), Canada's largest telecoms company which operates the Bell and Bell Aliant brands, said it sold its stake in satellite services company SkyTerra Communications Inc for about C$111 million ($110.9 million).
The company said it sold 22.1 million shares in SkyTerra after the satellite services company was bought by private investment firm Harbinger Capital Partners.
"The proceeds of such transactions support Bell's strategy to invest in broadband network and service expansion while achieving a competitive cost structure." Chief Financial Officer Siim Vanaselja said in a statement.
Bell is making investments in Canadian broadband, including the recent launch of its HSPA Evolution wireless network and the expansion of wireline fiber networks for consumer and business customers, including the rollout of fiber-to-the-home in Quebec and Ontario this year.
Shares of the company closed at C$30.30 Monday on the Toronto Stock Exchange.
($1=1.001 Canadian Dollar)
(Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian)
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