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.

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.

Bell Canada has agreed to acquire US fiber company Ziply Fiber, in a deal expected to be worth as much as C$7 billion (US$5bn). The acquisition is part of Bell's plans to expand its fiber footprint across North America and over the border into the US.

BCE Inc., Canada's largest communications company, has announced a major acquisition that will extend its fibre optic network into the United States. Bell Canada, a BCE subsidiary, will acquire Ziply Fiber,

Ziply Fiber, an internet service provider (ISP) that serves the Pacific Northwest, is the subject of a new acquisition agreement.

Ziply Fiber CEO Harold Zeitz said that the deal has been in the works since August and that the company will be retaining its 1,600 staff members, leadership, brand and offices in Kirkland and Everrett.