Ontario Construction New staff writer
The Municipality of Kincardine has announced the decision to sell Bruce Telecom to Windsor Private Capital in an all-cash transaction.
The decision is the result of an unsolicited, non-binding, conditional proposal from Windsor Private Capital for $32.7 million.
“With the sale of Bruce Telecom, the municipality will be able to reinvest the proceeds back into the community towards key projects,” said Mayor Kenneth Craig. “The municipality originally made the investment in Bruce Telecom at a critical point in time, to ensure that the community had access to telecommunications.
“Now, council will determine how to best use the funds from the sale through future strategic planning and budget setting processes.”
While the windfall isn’t yet earmarked for any specific project, the community has approved a rapid growth plan and plans to build up to five new nuclear reactors, at the Bruce Power Nuclear station.
The transaction is subject to regulatory approval from Innovation Science and Economic Development Canada (ISED) and customary closing conditions. It is anticipated that the approval and closing process will take three to four months.
Bruce Telecom CEO Ray Lahoud said in a news release that the company is looking forward to introducing customers to Windsor Private Capital.
“Windsor Private Capital brings capital and strategic connections that will strengthen our company’s position in the market, benefitting our employees and customers,” Lahoud said.