More Canadian Pension Funds Show Interest in Bell Canada Bid

Press Release - April 24, 2007

Three more Canadian pension funds are considering joining the Canada Pension Plan Investment Board’s consortium of investors in a private purchase of telecom giant, BCE Inc., according to a report in the Globe and Mail yesterday.

Citing sources familiar with the negotiations, the newspaper reported that the Ontario Municipal Retirement Board, BC Investment Management Corp., and Alberta Investment Management have shown interest in throwing their weight behind the CPP’s bidding consortium. These new players would likely commit a total of between $400 million and $500 million to the cause, although no formal agreement has yet been signed.

The CPP Investment Board’s ongoing quest to buy out Bell Canada Enterprises already has the financial backing of Caisse de depot et placement du Quebec, Canada’s Public Sector Pension Investment Board, and Kohlberg Kravis Roberts and Co., a U.S.-based private equity firm.