BCE Inc. Completes $5 Billion Acquisition of Ziply Fiber

Deal News | Aug 01, 2025 | Searchlight Capital Partners

BCE Inc. has successfully acquired Ziply Fiber, a leading fiber Internet provider in the Pacific Northwest, for C$5 billion (U.S. $3.65 billion) in cash and the assumption of C$2.6 billion in net debt. This acquisition propels Bell to the position of the third-largest fiber internet provider in North America. The strategic move is further bolstered by a partnership with the Public Sector Pension Investment Board (PSP Investments) to form Network FiberCo, aiming to extend Bell's reach to up to 8 million U.S. locations. Ziply Fiber will continue to operate as a separate unit under its existing management, based in Kirkland, Washington. The acquisition is financed through the proceeds from BCE's previous sale of its minority stake in MLSE. Bell plans to update its 2025 financial guidance to reflect this acquisition. This strategic expansion underscores Bell's ambition to deliver enhanced connectivity and service in North America.

Sectors

Telecommunications
Private Equity

Geography

United States – Ziply Fiber is based in the Pacific Northwest, and the acquisition expands Bell's reach into the U.S. market.
Canada – BCE Inc., the parent company of Bell, is a Canadian corporation, and this acquisition extends its service offerings across borders.

Industry

Telecommunications – The acquisition of Ziply Fiber involves the telecommunications sector as it expands BCE Inc.'s fiber Internet services in North America.
Private Equity – The strategic partnership with Public Sector Pension Investment Board (PSP Investments) reflects the involvement of private equity investments in expanding fiber infrastructure.

Financials

C$5.0 billion (U.S. $3.65 billion) – The acquisition price for Ziply Fiber.
C$2.6 billion – The net debt assumed by BCE Inc. at the closing of the acquisition.

Participants

Name	Role	Type	Description
BCE Inc.	Acquirer	Company	The parent company of Bell Canada, responsible for telecommunications services.
Ziply Fiber	Target Company	Company	A leading fiber Internet provider in the Pacific Northwest of the United States.
Public Sector Pension Investment Board (PSP Investments)	Strategic Partner	Company	A pension investment manager that is collaborating with BCE Inc. to extend fiber infrastructure.