BCE completes acquisition of Ziply Fiber

Executive Summary

• BCE Inc. has completed the acquisition of Ziply Fiber, the leading fibre Internet provider in the Pacific Northwest of the United States, for $5.0 billion in cash plus the assumption of approximately $2.6 billion in net debt.
• The acquisition is part of a broader strategy to accelerate U.S. market expansion, supported by a strategic partnership with PSP Investments to create Network FiberCo, potentially enabling Bell to reach up to eight million fibre locations in the U.S.
• Ziply Fiber will operate as a separate business unit headquartered in Kirkland, Wash., retaining its existing management team, while BCE updates its 2025 financial guidance to reflect the acquisition ahead of its Q2 2025 earnings report on August 7.

Key Details

• Transaction Value: $5.0 billion in cash.
• Debt Assumption: Approximately $2.6 billion in outstanding net debt assumed at closing.
• Target Company: Ziply Fiber, described as the leading fibre Internet provider in the Pacific Northwest of the United States.
• Strategic Partnership: The acquisition complements a previously announced strategic partnership between BCE and PSP Investments to create Network FiberCo, aimed at accelerating expansion into the U.S. market.
• Market Position: Combined with the partnership, the acquisition positions Bell as potentially reaching up to eight million fibre locations in the U.S., reinforcing its status as the third-largest fibre Internet provider in North America.
• Financing Source: The acquisition was funded in part by proceeds from the sale of BCE's minority stake in MLSE, completed on July 1, 2025, which converted BCE's passive interest into a core business growth driver.
• Operational Structure: Ziply Fiber will operate as a separate business unit, maintaining its headquarters in Kirkland, Wash., and its existing management team and workforce.
• Future Guidance: BCE will update its 2025 financial guidance targets to reflect the Ziply Fiber acquisition when reporting Q2 2025 results on August 7.

Notable Quotes

• "The acquisition of Ziply Fiber marks a key milestone in our fibre growth strategy by establishing a significant foothold in the attractive U.S. market. By combining Bell's deep fibre expertise with Ziply Fiber's experienced management team and ambitious expansion plans, we are creating a powerful platform for long-term growth, scale and geographic diversification that positions us to unlock significant value for our shareholders," said Mirko Bibic, president and chief executive officer, BCE and Bell Canada.
• "Bell's culture, vision and long-term strategy supports and amplifies our purpose to deliver the best and fastest fibre network with a refreshingly great customer experience. We're excited to accelerate and expand our fibre build to reach more communities and provide the connectivity and service they deserve," said Harold Zeitz, CEO, Ziply Fiber.