Bell Canada buys Virgin Mobile Canada

Published Friday July 3rd, 2009

MONTREAL - Bell Canada (TSX:BCE) says it has wrapped up the purchase of electronics retailer The Source and finished acquiring the half-interest that it did not already own in Virgin Mobile Canada.

The two deals, worth $277 million combined, closed yesterday. Bell paid $142 million for Virgin Mobile Canada and $135 million for The Source.

Meanwhile, the company said that Robert Blumenthal will become Virgin Mobile Canada's new president, replacing Andrew Black who has headed Virgin Mobile Canada since 2004. The moves come as Canada's largest telecommunications company prepares to launch Virgin products at The Source's 750 locations across the country in January. At that time, The Source will exclusively carry Bell products.

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