WINNIPEG, Dec. 20, 2016 /CNW/ - (TSX: MBT) Manitoba Telecom Services Inc. (MTS) received approval today from the Canadian Radio-television and Telecommunications Commission (CRTC) to transfer its Broadcasting Distribution Undertaking (BDU) licences to Bell Canada.
The CRTC's decision is the first of three regulatory approvals required to complete the closing of BCE's acquisition of MTS.
"We are pleased to receive the CRTC's decision and will continue to work with Bell to obtain the two remaining regulatory approvals," said MTS President & CEO Jay Forbes.
A notable number of Manitoba stakeholders offered supportive comments during the proceedings and the CRTC raised no concerns in approving the BDU transfer.
"We remain optimistic that we will secure the necessary approvals from the Competition Bureau and Innovation, Science and Economic Development Canada along the timelines set forth from the outset, and continue to be excited about the benefits the new Bell MTS partnership will bring Manitobans," said Forbes.
Forward-looking statements disclaimer
This news release includes forward-looking statements and information (collectively, the "forward-looking statements") including, but not limited to: statements pertaining to the statutory plan of arrangement under section 185 of The Corporations Act (Manitoba) pursuant to which, among other things, BCE Inc. (BCE) intends to acquire all of the issued and outstanding common shares of MTS (the Transaction); the expected timing of closing, and certain strategic, operational and financial benefits expected to result from, the Transaction; and other statements that are not historical facts. All forward-looking statements are made pursuant to the safe harbour provisions of applicable securities laws.
Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise.
Forward-looking statements are provided herein for the purpose of giving information about the Transaction and its expected impact. Readers are cautioned that such information may not be appropriate for other purposes.
Completion and timing of the Transaction are subject to a number of conditions precedent and termination rights, some of which are outside MTS' control, including, without limitation, receipt of the regulatory approvals from the Competition Bureau and Innovation, Science and Economic Development Canada (the Regulatory Approvals), the operation and performance of the MTS business in the ordinary course until closing of the Transaction, the absence of a material adverse effect, including no award being in force, which would result in a material adverse effect and no action being pending or threatened (other than frivolous or vexatious actions) against or involving MTS or its subsidiaries that, if decided against MTS or its subsidiaries, would result in a material adverse effect, and compliance by MTS with various other covenants contained in the arrangement agreement between MTS and BCE dated May 1, 2016, all of which are subject to important risks, uncertainties and assumptions. There can be no certainty, nor can MTS provide any assurance, that all conditions precedent to the Transaction will be satisfied or waived and that the Transaction will occur, or, if satisfied or waived, when they will be satisfied or waived. If the Transaction is not completed, the market price of MTS' common shares may be materially adversely affected. Moreover, a substantial delay in obtaining the Regulatory Approvals or the presence of an award or action that would result in a material adverse effect could result in a prolonged extension of the outside closing date. The Transaction could be modified, restructured or terminated. There can also be no assurance that the strategic, operational or financial benefits expected to result from the proposed transaction will be realized.
At MTS, we're proud to be Manitoba's leading information and communications technology provider. We're dedicated to delivering a full suite of services for Manitobans – Wireless, Internet, TV, Phone Service and Security Systems plus a full suite of Information Solutions, including Unified Cloud and Managed Services. You can count on MTS to make connecting your world easy. We're with you.
We live where we work and actively give back to organizations that strengthen our communities. Through MTS Future First, we provide sponsorships, grants and scholarships, value-in-kind support and volunteer commitment in Manitoba.
SOURCE Manitoba Telecom Services Inc.