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Bell Acquires Octane Racing Group For Undisclosed Terms

Canadian telecommunications and media company, Bell Canada (BCE.TO, BCE) has acquired Montréal's Octane Racing Group Inc., promoter of the Formula 1 Canadian Grand Prix, the largest annual sports and tourism event in the country, Bell said in a release.

Financial terms of the deal were not disclosed.

Octane Racing Group will continue as a standalone entity within the Bell group of companies to promote the Formula 1 Canadian Grand Prix. Octane President and CEO François Dumontier and all Octane employees join Bell effective today, Bell said.

Following cancellation of two consecutive years' Grand Prix events in Montréal due to the pandemic, the tickets already purchased in 2020 will be valid for 2022, or will be refunded if the ticket holders wish so.

The company expects that the two additional editions of the Montreal race, to be held in 2030 and 2031 as a compensation for 2020 and 2021 cancellations, will bring enhanced commercial opportunities for both Bell and F1.

"The Formula 1 Canadian Grand Prix is the biggest sporting and touristic event in the country, and it seemed only natural for us to join forces with Bell to help elevate the event to its fullest potential," said François Dumontier. "With Bell's assets and commitment to develop the event, the future of Montréal's leg of the Formula 1 World Championship just got better. I am thankful to have the opportunity to continue to follow my passion with Formula 1 and to be able to develop new opportunities for the Formula 1 Canadian Grand Prix with the support of a company so well established in Québec and across Canada."

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