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The Kelsey Report® Advisory

KKR to Acquire Bell ActiMedia for C$3 Billion
Charles Laughlin , 9/16/2002

Issue: BCE Sells Unit to Fund Stock Buyback from SBC

News: Bell Canada Enterprises (BCE) has sold 90 percent of its Bell ActiMedia (BAI) directory publishing division to an investment partnership of Kohlberg Kravis & Roberts (KKR) and the Teachers' Merchant Bank for C$3 billion (US$1.9 billion). When the sale is completed, KKR will own 60 percent of the asset, Teachers' will own 30 percent, and the remaining 10 percent will remain the property of BCE. The parties expect the transaction to close in November. TKG estimates the transaction is valued at 10.3 times earnings before interest, taxes, depreciation and amortization (EBITDA).

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