$62b for Bell Canada

The buyers of Telecom's Yellow Pages Group directories business, Ontario Teachers' Pension Plan, are to pay US$48.5 billion ($62 billion) for Bell Canada, Canada's largest telecommunications company.

The deal - the biggest in Canadian takeover history - has been unanimously recommended by the Bell Canada board.

This year CCMP Capital Asia and Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, paid $2.24 billion for Telecom's White and Yellow Pages businesses.