BCE (BCE) announced that its wholly-owned subsidiary, Bell Canada, has entered into a definitive agreement to acquire Ziply Fiber, the leading fibre Internet provider in the Pacific Northwest of the United States, for approximately C$5B, or $3.65B in cash and the assumption of outstanding net debt of approximately C$2.0B to be rolled over at transaction close, representing a transaction value of approximately C$7.0B. This transaction enhances Bell’s growth profile and strategic position by giving it a foothold in the large, underpenetrated U.S. fibre market, while increasing its scale, diversifying its operating footprint and unlocking significant growth opportunities. This transaction values Ziply Fiber on an enterprise value basis, net of the present value of acquired tax attributes, at approximately 14.3 x 2025 estimated adjusted EBITDA, including run-rate synergies. The acquisition is expected to close in the second half of 2025, subject to certain customary closing conditions and the receipt of certain regulatory approvals. Once the transaction has closed, Ziply Fiber will operate as a separate business unit and will continue to be headquartered in Kirkland, Washington.

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