Rogers Communications Inc's $20-billion takeover of Shaw Communications Inc. cleared the last regulatory hurdle Friday, more than two years after the deal was first announced.
March 15, 2021: Rogers announces an agreement to buy Shaw in a deal valued at $26 billion, including debt. Rogers says it will purchase all outstanding Class A and B shares of Shaw for $40.50 per share in cash, amounting to approximately $20 billion, and take on about $6 billion of debt owed by Shaw.
May 12, 2022: Quebecor Inc.'s CEO Pierre Karl Péladeau gives a strong signal that he would like to purchase Shaw-owned wireless carrier Freedom Mobile if regulators force Rogers to sell it as a requirement of the merger's approval. June 17, 2022: Rogers and Shaw make deal to sell Freedom Mobile to Quebecor Inc.'s Videotron Ltd. for $2.85 billion in an attempt to ease the Competition Bureau’s concerns about the combination of the two companies.
Aug. 12, 2022: Rogers and Shaw finalize deal to sell Freedom Mobile to Quebecor's Videotron for $2.85 billion. The parties say the agreement is consistent with the terms agreed upon on June 17, and is subject to regulatory approvals and the closing of the Rogers-Shaw deal. In a statement, Quebecor CEO Pierre Karl Péladeau says he intends to accept the industry minister's conditions, agreeing to incorporate them in a new version of the transaction.
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