On August 1, 2025, BCE Inc. completed its acquisition of Ziply Fiber, the leading fibre Internet provider in the Pacific Northwest of the United States, for approximately $5.0 billion (US$3.65 billion) in cash, plus the assumption of outstanding net debt of approximately $2.6 billion at closing. The transaction extends Bell's fibre footprint into the United States by approximately 1.4 million locations and reinforces its position as the third-largest fibre Internet provider in North America. Ziply Fiber, originally established in 2020 following the acquisition of Frontier Communications' Northwest operations, serves customers across Washington, Oregon, Idaho, and Montana.
The acquisition was financed in significant part by the proceeds of the sale of BCE's minority stake in Maple Leaf Sports & Entertainment (MLSE), which closed on July 1, 2025. Following closing, Ziply Fiber continues to operate as a separate business unit, headquartered in Kirkland, Washington, with its existing management team and workforce. The acquisition complements Bell's earlier-announced strategic partnership with the Public Sector Pension Investment Board (PSP Investments) to create Network FiberCo, which is expected to enable Bell to potentially reach up to 8 million fibre locations in the U.S. On August 28, 2025, Bell Canada also completed the redemption of all of Ziply Fiber's outstanding debt securities, with an aggregate principal amount of approximately $2.7 billion (US$1.96 billion).
Stikeman Elliott LLP acted as Canadian counsel to BCE Inc. on the transaction, with a team that included Jean Marc Huot, David Massé, Jules Dumas-Richard, Andrée-Anne Arbour-Boucher, and Mélanie Thivierge (M&A and Capital Markets); Howard Rosenoff and Aude Godfroy (Banking); Franco Gadoury and Adam Drori (Tax); Michael Kilby (Regulatory); David Elder (Telecom); Jonathan Auerbach (IP); and Farlene Barthelemy and Lyne St. Pierre (Paralegals). Weil, Gotshal & Manges LLP also advised BCE.
Davis Wright Tremaine LLP and Wiley Rein LLP served as legal counsel to Ziply Fiber.