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MTS Acquisition

On May 2, 2016, BCE announced that it would acquire all of the issued and outstanding common shares of Manitoba Telecom Services Inc. (MTS) in a transaction valued at approximately $3.9 billion.

On March 17, 2017, BCE announced the completion of its acquisition of all of the issued and outstanding common shares of MTS. The transaction was completed through a plan of arrangement. A detailed description of the plan of arrangement is provided in the MTS management information circular dated May 26, 2016, available at

MTS common shares were delisted from the Toronto Stock Exchange (TSX) on March 20, 2017.

Information for MTS Shareholders

As specified under the plan of arrangement, MTS shareholders were entitled to elect and receive, for each MTS common share held, either:

  • $40.00 in cash, subject to proration (the Cash Consideration); or
  • 0.6756 of a BCE common share, subject to proration (the Share Consideration)

The Share Consideration was based on BCE's 20-day volume weighted average price of $59.21 on April 29, 2016 (the last trading day prior to the announcement of the transaction).

Shareholders could only elect to receive the Cash Consideration or the Share Consideration for all their shares; shareholders could not elect to receive a combination of cash and shares.

Any MTS shareholder who did not properly make an election by 5 p.m. eastern time on March 14, 2017 was deemed to have elected to receive, for each MTS common share, the Cash Consideration, subject to proration and rounding.

The aggregate consideration of approximately $2.9 billion paid to MTS shareholders was 45% in cash and 55% in BCE common shares. BCE funded the approximate $1.34 billion cash component through debt financing and issued 27,642,714 BCE common shares to fund the equity component.

The table below indicates the entitlement received by MTS shareholders for each MTS common share. The pro-ration was only applied to the Cash Consideration option.

ElectionEntitlement received
Cash Consideration $20.3977 in cash and 0.3311 of a BCE common share
Share Consideration 0.6756 of a BCE common share
No valid election $20.3977 in cash and 0.3311 of a BCE common share

No fractional shares were issued and BCE paid out fractional shares in cash.

An MTS shareholder who elected to receive Share Consideration or Cash Consideration but, because of proration, received a combination of BCE common shares and cash, will be required to make a joint election to obtain a full or partial tax deferral. The tax instruction letter provides certain instructions on how to complete the tax election.

Tax Instruction Letter and Questionnaire for Former MTS Shareholders

If you are a Canadian resident and wish to make a tax election for income tax purposes in respect of your MTS common shares disposed of pursuant to the plan of arrangement, you must complete a short questionnaire within 90 days after the disposition of your common shares. Within 30 days of receipt of your completed questionnaire, a tax election form signed by BCE containing your information will be provided to you.

The questionnaire and a tax instruction letter can be accessed through a secure website established by BCE specifically to assist MTS shareholders with the tax election process. The completed questionnaire must be submitted online. Please visit the tax election website.

Further assistance with the tax election questionnaire

For assistance on how to complete the tax election questionnaire, please contact the Technical Assistance Helpline at: 416-476-2700 or toll-free at 1-844-499-8687.

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