Financial structure finalized for the acquisition of the Canadiens
MONTREAL – The Molson brothers have completed the financial structure of their partnership group which will make the acquisition of the Montreal Canadiens Hockey Club, the Bell Centre and the Gillett Entertainment Group.
There is an agreement between the partners on the various aspects of the transaction and the vast majority of the legal documents have been completed. Closing is expected to take place in the next few weeks, subject to ultimate approval by the National Hockey League.
In addition to the Molson brothers and members of their family, the partners include Bell, the Woodbridge Company Limited, the QFL Solidarity Fund, Michael Andlauer and Luc Bertrand. Two thirds of the capital is invested by Quebec-based partners.
Geoff Molson thanked the new partners for their support as a new era opens in the history of the Canadiens Hockey Club. “These are solid partners who bring to the Club a stable foundation for the future,’’ said Mr. Molson who will be chairman and chief executive officer of the new partnership group.
In addition, Molson Coors remains one of the Canadiens Hockey Club’s key sponsors. Subject to agreement on final terms and approval by the Molson Coors board of directors, the group headed by the Molson family plans to take over the company’s 19.9% stake in the Canadiens as part of their bid to acquire the team. “We are most pleased that Molson Coors will maintain its important marketing partnership with the Canadiens,” added Mr. Molson.
National Bank Financial Group has taken charge of debt financing and is forming a banking syndicate with Desjardins Group and Scotiabank. Investissement Québec is also taking part in the financing.
Geoff Molson thanked National Bank for its leadership role in the financing and the Quebec government for its support. From the start, the government offered Investissement Québec’s support to any Quebec-based acquirer. The government approved yesterday Investissement Québec’s participation in the financing of the Molson family’s partnership group.
“As head of the partnership group, I look forward to working with the Club’s existing management team as we embark in this exciting new challenge,” said Mr. Molson.
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