QUEBEC CITY, Dec. 20, 2016 /CNW Telbec/ - TeraXion's management is pleased to announce that it repurchased the equity held by the company's institutional shareholders last week. The Business Development bank of Canada (BDC), its investment division, BDC Capital, and RBC Royal Bank financially backed the transaction.
"We are glad to have had the support of our institutional shareholders: Fonds de solidarité de la fédération des travailleurs et travailleuses du Québec, Caisse de dépôt et placement du Québec, Fondaction CSN and Accès Capital for nearly seven years. They have helped us accomplish ambitious projects that have generated wealth over the years for TeraXion, its shareholders and the Quebec City community", stated Alain-Jacques Simard, TeraXion's President and CEO. Simard also stressed that it is always difficult to end such a rewarding partnership.
TeraXion sold its integrated photonics division in February 2016 to telecommunications giant Ciena Canada. According to Simard, this transaction was an opportunity for management to take a step back to restructure and to review its business plan and vision. "BDC, BDC Capital and RBC Royal Bank have presented us agile solutions that will support TeraXion's development and growth", he adds.
"BDC Capital is very proud to accompany TeraXion, a Canadian knowledge-based company with broad international reach, in this milestone and in achieving its vision", stated Louise Langevin, Vice President for Quebec, Growth and Transition Capital, BDC Capital.
TeraXion designs, manufactures and markets best-in-class components and modules to emerging markets such as high-speed transmission networks, fiber laser and optical sensing applications. www.teraXion.com
About BDC Capital
With over $2 billion in managed assets, BDC Capital is BDC's investment division and is a strategic partner to Canada's most innovative and promising companies. It offers a full spectrum of specialized financing, including venture capital, equity as well as growth and business transition capital to help Canadian entrepreneurs transform their business into world leading companies. For more information, visit bdc.ca/capital.
SOURCE TeraXion Inc.
For further information: Marielle Milot, Marketing and Communications Specialist, [email protected]