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FOR IMMEDIATE RELEASE
May 4, 2007
Halifax, Nova Scotia - Bragg Communications Inc. ("Bragg Communications") and Persona Communications Corp. ("Persona") announced today 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. With a history of innovation by our Eastlink employees and our new employees at Persona, we will continue to launch new products and services and provide excellent customer service."
This transaction 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. Financial terms of the agreement will not be disclosed.
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