The deal is valued at $26 billion.
In a massive deal, Rogers Communications Inc. has announced that they have an agreement to buy Shaw Communications.
The deal includes debt, and is valued at $26 billion.
Rogers plans to invest $2.5 billion in 5G networks in Western Canada, and will create a $1 billion fund to expand high-speed internet access in Indigenous communities, rural communities, and remote locations.
In a statement, Rogers CEO Joe Natale said, “This combination of two great companies will create more jobs and investment in Western Canada, connect more people and businesses, deliver best-in-class-services and infrastructure across the nation, and provide increased competition and choice for Canadian consumers and businesses.”
Shaw CEO Brad Shaw said, “While unlocking tremendous shareholder value, combining (the) companies also creates a truly national provider with the capacity to invest greater resources expeditiously to build the wireline and wireless networks that all Canadians need for the long term.”
Brad Shaw will also join the Rogers board as part of the deal.
The deal is expected to be concluded in by the initial half of 2022, pending shareholder approval and approval from government regulators.
Spencer Fernando
Photo – YouTube
