The Competition Bureau has cleared the way for Quebecor's TVA Group (TSX:TVA.B) to buy 15 magazines from Transcontinental (TSX:TCL.A) for $55.5 million in cash.
The deal, announced last November, includes magazines such as Canadian Living and the Hockey News, and a majority stake in Elle Canada and Elle Quebec.
The bureau says it is issuing a "no action letter" on the proposal because it doesn't believe the transaction will result in "substantial lessening or prevention of competition" in the magazine industry.
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