Bell‘s (TSX: BCE) acquisition of the 750-store The Source by Circuit City chain is proof the telecom industry is still investing in Canada at a time when other industries are asking for government assistance, says the telco.
Mirko Bibic, Bell’s senior vice-president of regulatory and government affairs, said the approvals for the acquisition, announced last month, are being worked through and the deal is expected to close this summer.
“While other industries are going cap-in-hand to various levels of government for assistance and bailouts, the telecom industry, and Bell in particular, are out there investing without requesting direct fiscal assistance,” said Bibic. “All we ask is that governments do whatever they can to make their respective jurisdictions tax competitive and conducive to doing business in.”
Bibic would not provide any details around Bell’s go-forward plans for the stores of what The Source will look like within the Bell family, saying the details and business plan will be unveiled once the acquisition is finalized.
However, when the acquisition was announced, Bell indicated it expected to retain all The Source stores as well as the brand, and operate the retailer independently of Bell.