Bell Canada acquires The Source by Circuit City from Circuit City Stores

Fri. July 03, 2009; Posted: 02:08 PM

Jul 03, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- CC | Quote | Chart | News | PowerRating -- Bell Canada, Inc., a provider of wireline and wireless communications services, Internet access, data services, and video services to residential and business customers, has completed the acquisition of The Source by Circuit City (TSCC) from Circuit City Stores, Inc. Both Bell and TSCC are based in Canada.

TSCC is online retailer of consumer electronics, while Circuit City Stores is a US-based specialty retailer of consumer electronics, home office products, entertainment software, and related services.

Under the acquisition, Bell has acquired substantially all of the assets of TSCC for $135 million.

Update on March 20, 2009:

Bell has received approval from the US Bankruptcy Court for the proposed acquisition of TSCC from Circuit City Stores.

Announcement (March 2, 2009):

Bell has agreed to acquire TSCC from Circuit City Stores. The transaction is expected to close in the third quarter of 2009.

InterTAN Canada, Ltd., which Circuit City Stores acquired in 2004, controls Circuit City Stores's Canadian operations as well as 750 Source stores in Canada. N M Rothschild & Sons Limited is acting as financial advisor to Circuit City Stores. Stikeman Elliott LLP is acting as legal advisor to Bell.

Deal Value (US$ Million) 135
Deal Type                Acquisition
Sub-Category             Majority Acquisition
Deal Status              Completed: 2009-07-02

Deal Participants

Target (Company)   The Source by Circuit City
Acquirer (Company) Bell Canada International, Inc.
Vendor (Company)   Circuit City Stores, Inc.

Deal Rationale

The acquisition of Source stores would support Bell's strategic imperatives to accelerate wireless and leverage momentum in wireline services like Bell TV, Bell internet, and Bell Home Phone.

For full details for CC click here.

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