April 30, 2010 / 11:31 AM / 9 years ago

UPDATE 1-Cogeco to buy Corus' Quebec radio stations

* Stations include Montreal, Quebec City and Sherbrooke

* Deal to close by end of 2010

(Adds details)

TORONTO, April 30 (Reuters) - Canadian cable and telecommunications company Cogeco Inc (CGO.TO) said on Friday it plans to buy 11 Quebec radio stations from Corus Entertainment Inc (CJRb.TO) in a cash deal worth C$80 million ($79.6 million).

The radio stations include four in Montreal, two in Quebec City and two in Sherbrooke. Cogeco already owns stations in Montreal, Quebec City, Trois-Rivieres and Sherbrooke.

Cogeco said it has obtained C$100 million in financing from Canadian banks, with a portion of it to be used to fund the purchase.

The deal, which is subject to conditions including approval from the Canadian Radio-television and Telecommunications Commission, is expected to close around the end of the year. ($1=$1.01 Canadian) (Reporting by Scott Anderson, editing by Gerald E. McCormick)

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