Parties
Company
BCE Inc.
Company
Northwest Fiber, LLC dba Ziply Fiber
On November 4, 2024, BCE Inc., through its subsidiary Bell Canada, announced the acquisition of Ziply Fiber, a leading fiber internet provider in the U.S. Pacific Northwest, for a total transaction value of approximately C$7 billion, consisting of C$5 billion in cash and C$2 billion in assumed debt. This acquisition marks Bell’s entry into the U.S. fiber market, expanding its North American presence and enhancing growth potential. Ziply Fiber’s network of over 1.3 million fiber locations, coupled with planned expansion, will contribute to Bell's goal of reaching over 12 million locations by 2028. The acquisition values Ziply at an estimated 14.3x projected 2025 EBITDA, inclusive of anticipated synergies.
BCE plans to fund C$4.2 billion of the acquisition cost through proceeds from its stake sale in MLSE and will use a discounted dividend reinvestment plan for the remaining balance. Additionally, BCE has arranged a US$3.7 billion delayed-draw term loan facility as a backup. Weil is advising BCE and Bell on this transaction. The deal is expected to close in the latter half of 2025, pending regulatory approvals, with Ziply Fiber continuing to operate as an independent business unit headquartered in Kirkland, Washington. This acquisition aligns with BCE’s strategy of achieving scale and diversification while upholding its debt leverage and dividend commitments.
Deal Type
Merger & AcquisitionIndustry
InfrastructureTransaction
$ 7,000,000,000Deal Status
ActiveClosing Date