MANITOBA TELECOM SERVICES INC. $29.57 (Toronto symbol MBT; Shares outstanding: 79.3 million; Market cap: $2.3 billion; TSINetwork Rating: Average; Dividend yield: 4.4%; www.mts.ca) has agreed to sell its Allstream division, which offers telephone, Internet and other communication services to businesses across Canada.
Allstream supplies 40% of Manitoba Telecom’s revenue. The remaining 60% comes from its MTS division, which has 1.3 million telephone and wireless customers in Manitoba. The buyer is U.S.-based Zayo Group (New York symbol ZAYO), which will pay $465.0 million.
Manitoba Telecom will probably use some of the proceeds to pay down its long-term debt of $677.1 million, which is equal to 29% of its $2.3-billion market cap (or the value of all outstanding shares).
Regulators must approve the sale, and national security officials must also agree, as many Canadian government agencies use Allstream’s networks. Manitoba Telecom aims to complete the deal in the first quarter of 2016.
The company’s shares are up over 6% following the announcement of the agreement. That’s partly because the sale makes a takeover by a larger telecom firm like BCE (see left) or Telus more likely.
The gain is largely why Manitoba Telecom trades at a high 21.4 times the $1.38 a share it will probably earn in 2016.
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