MONTREAL — Cogeco Communications today announced its Cogeco Connexion subsidiary has completed its acquisition of rural telecom service provider DeryTelecom, once the third-largest cable operator in the province of Quebec.
When the acquisition was announced in October, Cogeco pegged the purchase price at $405 million. With the close of the transaction, Cogeco Connexion expands to more than 200 municipalities in Quebec, including in the Estrie, Lanaudière, Montérégie and Laurentians regions, adding approximately 100,000 customers.
In the short term, DeryTelecom will continue to operate under its current name and trademark, says Cogeco’s press release announcing the acqusition has been finalized.
“We are very pleased to have completed this strategic transaction that enables Cogeco Connexion to significantly increase its presence in Québec, the province where Cogeco was founded more than 60 years ago,” said Philippe Jetté, president and CEO of Cogeco Communications, in the release. “Our regional presence and our continued success in integrating regional cable companies is a testament to our commitment to serving communities outside of major urban centres and providing them with high-quality connectivity.”
