La Caisse to sell part of its stake in Cogeco Communications

Executive Summary

• La Caisse announced it will sell a block of Cogeco Communications shares representing ~11% of the company’s subordinate share capital at $67.45 per share.
• The transaction is expected to generate gross proceeds of approximately $229 million.
• La Caisse will remain the largest holder of Cogeco’s subordinate shares after the sale and will redeploy the proceeds into Québec‑based companies.

Key Details

• Shares sold: Nearly 11% of Cogeco Communications’ issued and outstanding subordinate shares.
• Sale price: $67.45 per share (gross).
• Gross proceeds: Approximately $229 million.
• Purpose: Part of La Caisse’s periodic portfolio rebalancing; funds to be redeployed into Québec companies to support growth.
• Remaining ownership: La Caisse will continue as the largest holder of Cogeco subordinate shares.
• Historical context:
• Initial investment in Cogeco (2013) via a $50 million loan.
• Contributed USD 315 million in 2017 to acquire MetroCast cable systems in the U.S.
• Purchased a $350 million block of shares in 2023, including Rogers Communications’ stake.

Notable Quotes

“La Caisse has supported Cogeco Communications since 2013 and continues to firmly believe in its potential… The funds generated will be redeployed in Québec companies to support and accelerate their growth.” – Kim Thomassin, Executive Vice‑President and Head of Québec at La Caisse.