MTS to sell Allstream to Egyptian investment group Accelero

28 May 2013

Manitoba Telecom Services (MTS) is selling its Allstream business to Egyptian investment group Accelero Capital Holdings in a deal that values the long-distance telephony operator at around CAD520 million (USD503 million). MTS is expected to put around CAD130 million of the proceeds into its pension plan, and to repay CAD70 million in short-term indebtedness incurred in February 2013 to pre-fund the company’s pension obligations. Accelero was co-founded by Egyptian entrepreneur Naguib Sawiris.

Canada, Bell MTS (formerly MTS)