Rogers signs deal to buy Shaw Communications for $26 billion
Posted March 15, 2021 7:34 am.
Last Updated March 15, 2021 7:53 am.
Rogers is the parent company of 680 NEWS.
Rogers Communications Inc. has signed a deal to buy Shaw Communications Inc. in a deal valued at $26 billion, including debt.
Under the plan, Rogers will pay $40.50 in cash for all of Shaw’s issued and outstanding class A and class B shares.
Shaw’s class B shares closed at $23.90 on the Toronto Stock Exchange on Friday.
As part of the transaction, the companies said Rogers will invest $2.5 billion in 5G networks over the next five years across Western Canada.
Rogers also says it will create a a new $1-billion fund dedicated to connecting rural, remote and Indigenous communities across Western Canada to high-speed internet service.
The deal, which is subject to other customary closing conditions, as well as approvals from Canadian regulators, is expected to close in the first half of 2022.
