Canadian Manufacturing

Peladeau buying Montreal taxi firm, including insolvent electric taxi company

The investment allows the firm to play a role in pursuing "electric migration of taxi transportation services" in Montreal


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PHOTO: Pierre Karl Péladeau/Qubecor Inc.

MONTREAL – The head of Quebecor Inc. says he is personally acquiring the assets of Taxelco, which owns two large Montreal-area taxi companies and insolvent electric transportation firm Teo Taxi.

Pierre Karl Peladeau says the deal results from the acceptance of the final purchase offer put forward by Placements Saint-Jerome, a division of Groupe Peladeau.

The businessman posted online that the transaction is scheduled to close May 31.

Peladeau says the acquisition will allow his investment firm to play a “significant role in the responsible and necessary pursuit of the green and electric migration of taxi transportation services in Montreal.”

He added that the deal will ensure the operation of Taxi Diamond and Taxi Hochelaga, the preservation of several jobs and the safeguarding of Teo Techno technology and trademarks associated with Teo Taxi.

Teo Taxi, launched by Alexandre Taillefer, ceased operations the end of January causing some 400 drivers to lose their jobs.

News from © Canadian Press Enterprises Inc. 2019

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