After an eventful two and a half month process, BCE Inc. has agreed to a bid from the consortium led by the Ontario Teachers’ Pension Plan. Teachers’ bid is for $34.8 billion and, if debt is included, $51.7 billion. It will be the biggest acquisition in Canadian corporate history.

Teachers’ was already BCE’s biggest shareholder, with a 6.8% stake. The group, which includes U.S.-based Providence Equity Partners Inc. and Madison Dearborn Partners LLC, intends to take BCE private.

Shares in BCE rose about three per cent on Tuesday morning in the first Canadian trading since takeover deal was announced.

Shareholder and regulatory approvals still have to be worked through.

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