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On August 1, 2025, BCE Inc., through its subsidiary Bell Canada, completed the acquisition of Ziply Fiber, the leading fibre internet provider in the U.S. Pacific Northwest. The total transaction value was approximately C$7.6 billion, consisting of C$5 billion in cash and C$2.6 billion in assumed debt, valuing Ziply at around 14.3x projected 2025 EBITDA, including expected synergies.
The acquisition - originally announced on November 4, 2024 - marks Bell’s formal expansion into the U.S. fiber market and establishes it as the third-largest fibre Internet provider in North America. Ziply's network of 1.3 million fibre locations, coupled with BCE’s strategic partnership with PSP Investments via the creation of Network FiberCo, supports BCE’s goal of reaching up to 8 million U.S. fibre locations and 12 million total by 2028.
To finance the deal, BCE drew C$4.2 billion from the sale of its minority stake in MLSE and launched a discounted dividend reinvestment plan for the remaining balance. Additionally, a US$3.7 billion delayed-draw term loan facility was arranged as a contingency.
Ziply Fiber will operate as a standalone business unit under Bell, headquartered in Kirkland, Washington, and led by its existing management team. The acquisition supports Bell’s strategy of achieving scale, geographic diversification, and long-term growth, while maintaining its dividend policy and debt leverage targets.
BCE will update its 2025 financial guidance to reflect the transaction in its Q2 earnings report on August 7.
Parties
Company
BCE Inc.
Company
Northwest Fiber, LLC dba Ziply Fiber
Deal Type
Merger & AcquisitionIndustry
InfrastructureTransaction
$ 7,600,000,000Deal Status
ClosedClosing Date
01 August 2025