Manitoba Telecom completes C$1.7 billion acquisition of Allstream

Torys acted as counsel to MTS with a team in Toronto that included Jim Turner, Kevin Morris, John Emanoilidis, Josée Guibord and Cindy Cameron (corporate), Jim Welkoff and Jennifer Leach (tax), Scott Bomhof (restructuring), Len Griffiths (environmental), David Vincent (pension), Jay Holsten and Margaret Forbes (competition), Jim C. Tory, Linda Plumpton and Andrew Gray (litigation). Torys' New York team included Andy Beck, Ilana Mantell and Peter Keenan.

On June 4, 2004, Manitoba Telecom Services (MTS) completed its acquisition of Allstream Inc. (formerly AT&T Canada) for approximately C$1.7 billion, becoming Canada's third-largest telecommunications company.

Under the terms of the arrangement, MTS acquired all of the Allstream Class A Voting Shares and Class B Limited Voting Shares at an offering price per Allstream share of $23.00 in cash plus 1.0909 MTS shares. As a result, MTS issued 6,433,089 MTS Common Shares and 16,089,876 MTS Class B Preference Shares to Allstream shareholders in connection with the completion of the transaction. Allstream's shares were delisted from the TSX and Nasdaq.