Rogers Media on Friday bolstered its online visibility, especially in Quebec, by acquiring BV! Media for around $25 million.
The all-cash friendly takeover deal, which sees $0.40 cents paid per-share for stock in Montreal-based BV! Media, hands the Rogers Communications unit control of Quebec’s largest online content and ad network, with over 400 sites.
The target company also operates the Branchez-Vous! Online portal.
“BV! Media has an extensive line of ad solutions that we will incorporate into our existing digital media sales offerings,” Claude Galipeau, SVP and general manager of digital media at Rogers Media, said.
“In addition, the Branchez-Vous! network of sites in Quebec will give us greater reach in the Francophone market,” he added.
Major shareholders in BV! Media, including co-CEOs Patrick Pierra and Gino Coutu, and CFO Athanasios Vorias, have agreed to tender their shares.
Rogers Media indicated it has already locked up around 76% of the BV! Media shares, and expects the transaction to close in late September after it secures shareholder approval.
BV! Media’s board of directors have recommended shareholders vote in favor of the takeover by Rogers Media.