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Rogers to buy Shaw in deal valued at $26B

Last Updated Mar 15, 2021 at 6:17 am PDT

The Rogers logo is photographed in Toronto office on Monday, September 30, 2019. Rogers Communications Inc. will report its financial results for the three months ended March 31 on Wednesday, a period that includes the first weeks of an economic shutdown that has brought the economy to a near-standstill and put hundreds of thousands of Canadians out of work. THE CANADIAN PRESS/ Tijana Martin
Summary

Under the plan, Rogers will pay $40.50 in cash for all of Shaw's issued and outstanding class A and class B shares

The companies said Rogers will invest $2.5 billion in 5G networks over the next five years across Western Canada

The deal, which is subject to customary closing conditions and approvals from regulators, is expected to close in 2022

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 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.

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