Quebecor today welcomed the Competition Bureau’s decision to approve the transaction announced on October 6, 2014, whereby Sun Media Corporation’s English-language operations are being sold to Postmedia Network for a consideration of C$316 million, payable in cash upon closing. The payment will be subject to the customary adjustments and a $10 million adjustment related primarily to real estate properties sold by Sun Media prior to closing, which will be credited to Postmedia at closing.
The transaction includes 174 newspapers and publications, the Canoe portal in English Canada, part of the national sales team based in Toronto, and the Islington, Ontario printing plant.
The transaction will close within the coming weeks. In the meantime, Sun Media Corporation will continue operating the businesses in question.
Quebecor appreciates the Competition Bureau’s diligence throughout the review of this transaction.