Quebecor quietly acquires VMedia in a bid to broaden companies exterior of Quebec | IT World Canada News
Quebecor has quietly acquired VMedia as part of its broader objective to develop its service exterior of its dwelling turf.
Neither firm disclosed the deal’s monetary particulars, nor its standing, on their respective news pages. It got here to mild solely after it had gained approval from the Canadian Radio-television Telecommunications Commission (CRTC), as first reported by Cartt.ca.
Founded in 2013, VMedia is an impartial service supplier that gives web, TV, and residential safety options to residents in Ontario, Quebec, Alberta and British Columbia.
This small however important acquisition reinforces Quebecor’s efforts to broaden its companies exterior of Quebec. In addition to VMedia, Quebecor can be poised to accumulate Freedom Mobile, Canada’s fourth largest service, from Shaw Communications for C$2.85 billion.
If the deal is accepted, Quebecor must dig deep into its pockets to assist and develop Freedom’s community, which the corporate stated it’s dedicated to doing.
Quebecor’s Q1 2022 financial report posted an general income of C$1.09 billion, down 0.3 per cent from the identical interval final 12 months. It noticed a web enhance of 13,800 revenue-generating models, together with 24,500 in cellular companies.
George Burger, VMedia’s co-founder, advised the Toronto Star that the acquisition permits the corporate to supply higher offers to customers by leveraging Quebecor’s stronger monetary backing. In the identical interview, Burger stated scrapping CRTC’s 2019 wholesale fee performed a task in its resolution to promote.
VMedia criticized the CRTC when it reversed its deliberate 2019 wholesale charges attributable to errors in its evaluation. The firm had beforehand known as for the resignation of Ian Scott, CRTC’s chairperson.