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Bell Canada (BCE) has entered into an agreemnt to acquire GLENTEL, the Canadian-based multi-carrier mobile products distributor for approximately $670 million.
The transaction enhances Bell’s strategy to accelerate wireless and improve customer service in a competitive wireless marketplace, while providing additional value to GLENTEL shareholders.
Headquartered in Burnaby, BC, Glentel operates 494 retail locations across Canada; owns, operates, and franchises approximately 735 retail locations in the United States; plus has 147 points of sale in Australia and the Philippines. In Canada, Glentel offers wireless products and services from Bell Mobility, Chatr, Fido, Rogers Wireless, SaskTel and Virgin Mobile, and said that it plans to continue offering products from multiple carriers following the acquisition.
Bell said that the transaction builds on its strategy to “accelerate wireless and improve customer service in a competitive wireless marketplace, while providing additional value to Glentel shareholders”.
“As our longstanding partner, the Glentel team shares Bell’s commitment to wireless growth and service innovation, and we are proud to welcome them,” said George Cope, president and CEO of BCE Inc. and Bell Canada, in the news release. “Glentel’s national reach, deep product knowledge, and great customer service and sales execution are key to our strategy to accelerate wireless.”
“As Glentel considered its future opportunities, it was essential that our partner share in Glentel’s core values of quality, service and integrity. Bell, who has been a long time significant contributor to Glentel’s success, is that partner”, added Glentel president and CEO Tom Skidmore. “We are delighted that Glentel, together with Bell, will continue to deliver legendary customer service to its customers, and believe that this new relationship will provide additional value to our shareholders and employees.”
Expected to close by the end of the first quarter of 2015, the deal is subject to customary closing conditions, including court, shareholder and competition approvals. Bell seems confident that the Competition Bureau will ok the acquisition, noting in the announcement that it will pay Glentel a $33.6 million reverse break fee should the transaction not close for competition approval reasons.
Agencies/Canadajournal
This reads as a Bell commercial more than an unbiased report of the event. Bell and customer service are an oxymoron to begin with!