A consortium led by three Canadian institutional fund managers and one of the world’s largest private equity firms confirmed today that it is working with BCE Inc. with regard to a potential transaction to take the publicly traded company private.

The Canada Pension Plan Investment Board, Caisse de dépôt et placement du Québec and the Public Sector Pension Investment Board, who together would be majority shareholders, and Kohlberg Kravis Roberts & Co. are the four partners forming the consortium.

David Denison, president and CEO, CPP Investment Board, said: “We are pleased to be working with BCE and its board towards a potential transaction that would enable long-term value creation for the company. We look forward to working with BCE and our consortium partners as we proceed with the due diligence process.”

Henri-Paul Rousseau, president and CEO of the Caisse, said: “The Caisse is joining the consortium with the objective of submitting a proposal that will be acceptable to all stakeholders, including shareholders and regulatory authorities. Obviously, the size of the Caisse’s investment in a potential transaction involving BCE will take into account its investment in Quebecor Media.”

Gordon Fyfe, [resident and CEO, PSP Investments, said: “Each of the partners will actively bring in-depth knowledge and expertise to the consortium.”

Henry Kravis, co-founding member of KKR, said: “We are pleased to be a partner with this consortium of leading Canadian institutional fund managers and look forward to working closely together in this transaction. Our experience in large, complex transactions of comparable size will be of significant value to this process.”

The consortium noted that discussions are at an early stage and there can be no assurance that a transaction of any kind will result.