Rogers and Shaw applications are pictured on a cellphone in Ottawa on Monday, May 9, 2022. THE CANADIAN PRESS/Sean Kilpatrick
TORONTO – Rogers Communications Inc. has closed its $26-billion purchase of Shaw Communications Inc. after receiving final approval from Ottawa last week.
Rogers CEO Tony Staffieri calls it a momentous day for the company’s customers and says they will benefit from the latest services and network technology.
Industry Minister Francois-Philippe Champagne gave the green light to the takeover on Friday by agreeing to the transfer of Shaw-owned Freedom Mobile’s wireless licences to Quebecor Inc.’s Videotron, paving the way for the main deal to go ahead.
Champagne announced 21 conditions that Rogers and Videotron must adhere to, including Rogers establishing a second headquarters in Calgary and adding 3,000 new jobs based in Western Canada.
Videotron must offer plans that are at least 20 per cent lower than its competitors and spend $150 million over the next two years to upgrade Freedom Mobile’s network.
Rogers deal was expected to close by April 7.
This report by The Canadian Press was first published April 3, 2023.
Companies in this story: (TSX:RCI.B, TSX:SJR.B, TSX:QBR.B)
