Montreal, August 31, 2011
– Gaz Métro Limited Partnership (“Gaz Métro”), through its subsidiary, Gaz Métro Plus Limited Partnership (“Gaz Métro Plus”), and Cogeco Câble Canada Inc. entered today into an agreement for the sale of all the shares of MTO Telecom held by Gaz Métro Plus. Gaz Métro Plus expects a profit of approximately $18 million from the sale.
Concurrently with the purchase of the shares held by Gaz Métro Plus, Cogeco Câble Canada Inc. purchased all the other outstanding shares of MTO Telecom, which will now become part of Cogeco Câble.
“This transaction fits into Gaz Métro’s strategy, which is focused on the energy sector, and it will also improve Gaz Métro’s cash position,” said Sophie Brochu, President and CEO of Gaz Métro.
Based on its core strengths in natural gas transportation and distribution, Gaz Métro focuses on promising activities and projects in areas such as electrical power distribution in Vermont, wind power generation, natural gas fuel for transportation and biomass conversion.Overview of Gaz Métro
With over $3.6 billion in assets, Gaz Métro is Quebec’s leading natural gas distributor. Its 10,000-kilometer network serves 300 municipalities. Active in this regulated industry since 1957, Gaz Métro is the trusted energy provider of customers in Quebec and Vermont who choose natural gas for its competitive price, efficiency, comfort and environmental benefits. Gaz Métro is also active in the electricity distribution market and is involved in natural gas transportation and storage, as well as the development of projects in areas such as wind power generation, natural gas fuel for the transportation industry, and biomethanation. Gaz Métro is committed to the satisfaction of its customers, partners (Gaz Métro Inc. and Valener Inc.), employees and the communities in which it operates. www.gazmetro.comFor more information:
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