Quebecor Media buys part of Caisse stake for C$500 mln: Reuters

(Reuters) — Telecommunications provider and publisher Quebecor Media Inc, a unit of Quebecor Inc, said it had bought 28.6 percent of Caisse de dépôt et placement du Québec‘s stake in the company for C$500 million ($377 million).

Quebecor Media said the 7.3 million shares, held by Caisse unit Capital d’Amérique Investissements, would be canceled.

The Caisse, Canada’s second-largest pension fund manager, continues to hold about 18.2 million shares, or 18.9 percent, of Quebecor Media.

Quebecor Inc bought back 30.5 million Quebecor Media shares from the Caisse for C$1.5 billion in October 2012. ( ($1 = 1.3247 Canadian dollars) (Reporting by Anannya Pramanick in Bengaluru; Editing by Ted Kerr)