MONTREAL—TC Transcontinental has officially closed the transaction for the indirect acquisition of Quad/Graphics Canada, it announced today.

Meanwhile, an article yesterday in The Business Journal serving greater Milwaukee states Quad/Graphics recently reported a drop in Q4 due to "losses from its Canadian operations that are being sold to Montreal-based printer Transcontinental."

Sussex, Wisconsin-based Quad/Graphics reported it had a net loss of $6.9 million for Q4, including $15.7 million in losses from the Canadian printing operations, "which are designated as discontinued operations," reported the Business Journal.

Transcontinental announced it got the green light from the Competition Bureau of Canada on Feb. 7 to acquire the assets of Quad/Graphics. Transcontinental agreed to buy all the assets of Quad/Graphics in July 2011, including seven printing facilities, while selling its Mexican assets and transferring its black and white book printing business destined for U.S. export to Quad. That transaction was completed in September.

"The important acquisition of the Canadian assets of Quad/Graphics is a milestone in our development as it strengthens our position as the leading printer in the country and allows us to leverage the major investments we have made to our printing platform over the last several years," said François Olivier, president and chief executive officer of Transcontinental. "It is also good news for the health of the print industry in Canada and confirms the important role of Canadian companies, such as Transcontinental, in the North American printing industry."