On May 26, 2004, BCE Inc. sold its controlling interest in BCE Emergis Inc. through the issuance of 65,906,781 subscription receipts. Each subscription receipt entitled the holder to acquire one common share of BCE Emergis, upon the unconditional declaration by BCE Emergis of a special cash distribution of $1.45 per common share to its shareholders which condition was satisfied at a special shareholders' meeting held on June 16, 2004. The subscription receipts were sold to a syndicate of underwriters led by National Bank Financial Inc. at $5.40 per subscription receipt, for gross proceeds of approximately $356 million.

The Independent Committee of the Board of Directors of BCE Emergis was represented by Robert Paré, Michel Boislard and Daniel Yelin as well as Alain Ranger (tax) of Fasken Martineau