Competition Bureau Clears Teachers - BCE Transaction

Ottawa, September 21, 2007 — The Competition Bureau announced today that it has informed the parties that it is not challenging the acquisition of BCE Inc. by the bidding group composed of Ontario Teachers' Pension Plan Board, Madison Dearborn Partners, LLC and Providence Equity Partners Inc.

The Bureau's review focussed particularly on Teachers' shareholding in Manitoba Telecom Services Inc. (MTS), a competitor to BCE. The conclusion that the proposed transaction was unlikely to lead to a substantial lessening or prevention of competition was based, in part, on the fact that Teachers' has no right to appoint directors to the Board of MTS.

As mandated by the Act, the Bureau has the authority to review mergers in Canada to determine whether they are likely to result in a substantial lessening or prevention of competition. In all its work, the Bureau strives to promote and safeguard competition, which drives an efficient and productive economy.

The Competition Bureau is an independent law enforcement agency. We contribute to the prosperity of Canadians by protecting and promoting competitive markets and enabling informed consumer choice.

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