Quebecor buying Caisse de depot stake in Quebecor Media for $1.69 billion

Quebecor Inc. has signed a deal to buy the remaining stake in Quebecor Media Inc. held by the Caisse de depot et placement du Quebec for $1.69 billion.

The move to acquire the 18.47 per cent interest in the media group will give Quebecor complete ownership of the business.

Under the deal, the Caisse will receive $1.54 billion in cash and $150 million in convertible debentures that will be convertible into Quebecor class-B shares.

The announcement came as Quebecor doubled its quarterly dividend to 5.5 cents per share and reported its first-quarter profit grew compared with year ago.

Quebecor reported a profit attributable to shareholders of $56.7 million or 24 cents per diluted share, up from $3.9 million, up from two cents per diluted share a year ago.

Revenue totalled $1.01 billion, up from $ 1.00 billion.