Industry Canada has approved the proposed acquisition of BCE by an investor group led by the Ontario Teachers’ Pension Plan.

The group agreed to numerous conditions to ensure that the telecom company is not controlled by non-Canadians.

In a letter to BCE, Industry Minister Jim Prentice says that “Industry Canada finds that BCE Inc. would be, under the proposed structure, ‘Canadian’ within the meaning of the Radiocommunication Regulations of the Radiocommunication Act.”

With Industry Canada’s approval, the regulatory approvals required in connection with the transaction have now been obtained.

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Last month, the Quebec Superior Court approved BCE’s plan of arrangement for the transaction and dismissed all claims asserted by or on behalf of certain Bell Canada bondholders.

As a result of an appeal of that decision, BCE now expects the transaction to close before the end of the June.

For more about the BCE takeover, click here to read our special section, The Rise of Private Equity.

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