MONTREAL, Sept. 10 /CNW Telbec/ - The Molson brothers have completed the
financial structure of their partnership group which will make the acquisition
of the Montreal Canadiens Hockey Club, the Bell Centre and the Gillett
There is an agreement between the partners on the various aspects of the
transaction and the vast majority of the legal documents have been completed.
Closing is expected to take place in the next few weeks, subject to ultimate
approval by the National Hockey League.
In addition to the Molson brothers and members of their family, the
partners include Bell, the Woodbridge Company Limited, the QFL Solidarity
Fund, Michael Andlauer and Luc Bertrand. Two thirds of the capital is invested
by Quebec-based partners.
Geoff Molson thanked the new partners for their support as a new era
opens in the history of the Canadiens Hockey Club. "These are solid partners
who bring to the Club a stable foundation for the future,'' said Mr. Molson
who will be chairman and chief executive officer of the new partnership group.
In addition, Molson Coors remains one of the Canadiens Hockey Club's key
sponsors. Subject to agreement on final terms and approval by the Molson Coors
board of directors, the group headed by the Molson family plans to take over
the company's 19.9% stake in the Canadiens as part of their bid to acquire the
team. "We are most pleased that Molson Coors will maintain its important
marketing partnership with the Canadiens," added Mr. Molson.
National Bank Financial Group has taken charge of debt financing and is
forming a banking syndicate with Desjardins Group and Scotiabank.
Investissement Québec is also taking part in the financing.
Geoff Molson thanked National Bank for its leadership role in the
financing and the Quebec government for its support. From the start, the
government offered Investissement Québec's support to any Quebec-based
acquirer. The government approved yesterday Investissement Québec's
participation in the financing of the Molson family's partnership group.
"As head of the partnership group, I look forward to working with the
Club's existing management team as we embark in this exciting new challenge,"
said Mr. Molson.
You will find a backgrounder on partners at the ftp site.
Media Access: ftp://ftp.national.ca/medias/Acquisition_du_Canadien/
For further information:
For further information: Luc Beauregard, (514) 843-2333