Kirkland, Wash.-based fiber internet service provider Ziply Fiber agreed to be acquired by Bell Canada, a subsidiary of Canadian telecom giant BCE, in a deal valued around $3.6 billion.

Canadian telecom firm BCE said on Monday it would buy internet services provider Ziply Fiber for C$5 billion ($3.60 billion) in cash, as it looks to expand its fiber footprint in the United States. BCE's shares fell about 9% as some analysts said the proceeds from selling the company's stake in Maple Leaf Sports & Entertainment will not be used to pay down debt.