Cogeco to buy PEER 1 for C$526 million
US-COGECO-PEER1:Cogeco to buy PEER 1 for C$526 million
(Reuters) - Cogeco Cable Inc, a Canadian company that serves mostly rural customers in Ontario and Quebec, said it will buy PEER 1 Network Enterprises Inc for about C$526 million to expand its cloud computing and data hosting services.
Montreal-based Cogeco, which provides cable-TV, high-speed internet and telephone services, offered C$3.85 for each PEER 1 share. The offer is at a premium of 30.5 percent to PEER 1 stock's Thursday close.
(Reporting by Maneesha Tiwari in Bangalore; Editing by Don Sebastian)