Quebecor buys back partial stake in media unit for C$1.5 bln

Wed Oct 3, 2012 7:20am EDT

Oct 3 (Reuters) - Cable and media company Quebecor Inc bought back 30.5 million shares of unit Quebecor Media Inc from Canadian pension fund Caisse de depot et placement du Quebec for C$1.5 billion.

The repurchase of shares will reduce the fund's stake in Quebecor Media to 24.6 percent from 45.3 percent.

Quebecor Media will buy 20.4 million shares from Caisse for C$1 billion in cash.

Parent company Quebecor will buy 10.2 million shares for C$500 million subordinated debentures which are convertible into the company's class B subordinate shares.