Breaking: Rogers has closed its $20-billion takeover of Shaw, ending a two-year saga to combine the cable networks.
has closed its $20-billion takeover of Shaw Communications Inc., ending a two-year saga to combine the cable networks and transform Toronto-based Rogers into a national player.
In order to win regulatory approval for the takeover, Rogers has sold Shaw’s Freedom Mobile, Canada’s fourth-largest wireless carrier, to Quebecor Inc.for $2.85-billion, creating a national expansion opportunity for the Montreal-based company’s telecom subsidiary, Videotron Ltd. The three-way deal, which faced numerous delays and regulatory setbacks, officially closed on Monday morning after securing the final approval on Friday from Industry Minister François-Philippe Champagne, whose department reviewed the transfer of Shaw’s wireless licenses to Videotron.
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