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Independent internet service provider (ISP) TekSavvy is putting itself up for sale amidst ongoing industry turmoil and a surge in acquisitions of independent ISPs by larger telecom companies.
The Globe and Mail reports that the Chatham, Ontario-based company has engaged the services of bankers and initiated a formal sale process. The media outlet spoke to three confidential sources familiar with the matter.
At present, TekSavvy is in the phase of accepting bids from potential buyers. Requests for comments from TekSavvy representatives have gone unanswered at this time.
Independent ISPs, also known as wholesale-based providers, operate by leasing network space from established incumbents at regulated rates and then offering their services to customers.
TekSavvy is the last remaining major internet wholesale provider, as several others have already been acquired by larger competitors, reflecting the challenges posed by the current regulatory environment faced by independent ISPs.
Since February 2022, approximately six independent ISPs have been purchased by larger entities:
- Ebox: BCE Inc. paid around $139 million to acquire the Longueuil, Que.-based provider offering internet, telephone, and television services.
- Distributel: In addition, BCE Inc. also acquired the Ottawa-based company, for an estimated $335 million last year.
- Altima Telecom and Start.ca: Telus acquired both companies for undisclosed amounts.
- VMedia: This company, which primarily serves Toronto customers, was purchased by Quebecor Inc. in July 2022.
- Oxio: The Montreal-based provider was bought by Cogeco Inc., also headquartered in “la belle province,” for $100 million.
The Competitive Network Operators of Canada (CNOC), an association representing independent ISPs, has attributed these acquisitions to the policies established by Canada’s telecommunications regulator.
In 2021, the Canadian Radio-television and Telecommunications Commission reversed its previous decision to reduce wholesale rates, resulting in increased costs for independent ISPs.
If TekSavvy does come under new management, here are a few things non-unionized employees in Canada need to know.