Telecommunications provider and publisher Québecor Media Inc, a unit of Québecor Inc, said it had bought 28.6 percent of Caisse de dépôt et placement du Québec‘s stake in the company for $500 million (US$377 million).
Québecor Media said the 7.3 million shares, held by Caisse private equity unit Capital d’Amérique Investissements, would be cancelled.
The Caisse, Canada’s second-largest pension fund manager, continues to hold about 18.2 million shares, or 18.9 percent, of Québecor Media.
Québecor Inc bought back 30.5 million Québecor Media shares from the Caisse for $1.5 billion in October 2012.
(Reporting by Anannya Pramanick in Bengaluru; Editing by Ted Kerr)
(This story has been edited by Kirk Falconer, editor of peHUB Canada)
Photo courtesy of Québecor Inc