Burlington, May 1, 2008Burlington, May 1, 2008 — Burlington Hydro Electric Inc. announced today that it has reached a definitive agreement to sell all the assets of FibreWired Burlington Hydro Communications, its telecommunications division to Cogeco Cable.
FibreWired Burlington Hydro Communications, which operates a broadband network equipped with next generation ATM and Ethernet technology, provides Burlington organizations with the broadband capacity they need for data networking, high-speed Internet access, hosting services, e-business applications, video conferencing and other advanced communications. Cogeco Cable will use this network to expand its commercial broadband service offering in the area, which is in Cogeco Cable’s footprint. FibreWired Burlington Hydro Communications customers will also be able to benefit from Cogeco Cable’s suite of business products and access to Cogeco Cable’s extensive fibre network spanning Ontario and Quebec.
“The sale of our Fibre-Optic assets provides excellent value to our shareholder, the City of Burlington,” David Collie, Burlington Hydro’s President and CEO explained. “It’s also a win win for our customers and employees.”
Since its establishment in 1999, FibreWired Burlington Hydro Communications has built outstanding customer equity through a commitment to service responsiveness, innovation and reliability. Collie described the structure of the sale as one that ensures customers' needs will continue to be met with excellence, as well as presenting new opportunities to leverage fibre to maximum business advantage.
“We are pleased that Cogeco Cable, an experienced and successful cable operator that is also very involved in the Burlington region, is taking charge of FibreWired Burlington Hydro Communications customers. We are confident that businesses and public-sector organizations will be in very good hands.”
“FibreWired Burlington Hydro Communications is a great growth opportunity that is in line with our strategy and meets our stringent criteria. We are confident it will prove a great added value for Cogeco Cable’s customers, shareholders and employees,” said Louis Audet, President and CEO of Cogeco Cable.
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