Bell to acquire full ownership of Q9 Networks for $675m
Bell has announced that it is to acquire the full ownership of data centre operator Q9 Networks in a deal worth $675 million.
Bell currently holds a 35.4% stake in Toronto-based Q9, which was acquired in October 2012 by an investor group also comprising of Ontario Teachers' Pension Plan, Providence Equity Partners and Madison Dearborn Partners.
“The acquisition supports Bell's ability to compete against domestic and international providers in the growing outsourced data services sector. Bell Business Markets and Q9 managed data solutions and interconnected broadband fibre connectivity services are delivered through a network of secure, high-capacity data centres in locations across Canada,” Bell said in a statement.
Q9 provides outsourced hosting and other data solutions to Canadian business and government customers. Bell will acquire the remaining equity in a transaction valued at around $675 million, including Q9 net debt but excluding Bell's existing ownership interest.
The transaction is expected to close before the end of 2016.