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Quebecor buys back partial stake in media unit for C$1.5 bln

Wednesday, 3 Oct 2012 | 7:20 AM ET

Oct 3 (Reuters) - Cable and media company Quebecor Inc

bought back 30.5 million shares of unit Quebecor Media Inc from Canadian pension fund Caisse de depot et placement du Quebec for C$1.5 billion.

The repurchase of shares will reduce the fund's stake in Quebecor Media to 24.6 percent from 45.3 percent.

Quebecor Media will buy 20.4 million shares from Caisse for C$1 billion in cash.

Parent company Quebecor will buy 10.2 million shares for C$500 million subordinated debentures which are convertible into the company's class B subordinate shares.

(Reporting by Shounak Dasgupta in Bangalore)

((shounak.dasgupta@thomsonreuters.com)(within U.S. +1 646 223 8780, outside U.S. +91 80 4135 5800)(Reuters Messaging: shounak.dasgupta.reuters.com@reuters.net))

Keywords: QUEBECOR STAKE/