Persona sold to Bragg

From the Nova Scotia Business Journal:

Bragg Communications Inc. and Persona Communications Corp. announced on Friday that a purchase and sale agreement has been signed which will result in Bragg Communications acquiring Persona.

With more than 260,000 customers, Persona provides communications services to customers throughout British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec and Newfoundland & Labrador.

Bragg Communications co-CEOs Dan McKeen and Lee Bragg expressed their enthusiasm in concluding this agreement. "This purchase represents an opportunity to significantly grow our business, to build upon our success as a telecommunications and entertainment company, and to work with the management and employees of Persona."

The transaction, according to the Friday press release, establishes Bragg Communications as the largest privately held cable and communications company in Canada, and the only cable provider operating systems in all 10 provinces.

The agreement to purchase the shares of Persona is subject to regulatory approval.

Persona is currently held by a consortium of private equity funds including HM Capital Partners, Birch Hill Equity Partners and CIBC Capital Partners. CIBC World Markets Inc. served as financial advisor to Persona.

Persona provides digital TV, hi-speed Internet and telecom services to residential and commercial customers in non-urban communities throughout British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec and Newfoundland & Labrador.

Financial terms of the agreement will not be disclosed.

The original release is here.