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Rogers (TSX:RCI.B) and Shaw (TSX:SJR.B) receive notification from the Commissioner of Competition

Market News, Telecommunication
TSX:SJR.B
09 May 2022 08:45 (EDT)

The Commissioner of Competition intends to file applications to the Competition Tribunal opposing Rogers’ (RCI.B) proposed merger with Shaw (SJR.B).

Rogers and Shaw remain committed to the transaction, believing it provides long-term benefits to consumers, businesses and the economy.

Rogers and Shaw are working to sell Freedom Mobile, addressing concerns raised by the Commissioner of Competition and ISED.

Rogers and Shaw will oppose the application to prevent the transaction while continuing to engage with the Competition Bureau.

The transaction will provide a combined Rogers and Shaw with the capabilities necessary to invest in digital infrastructure, create jobs, drive innovation, increase choice, and bridge the digital divide. 

Benefits of the transaction:

The companies have agreed to extend the outside date of the transaction to July 31, 2022. In addition, Rogers and Shaw will continue to seek approval from the Ministry of Innovation, Science and Economic Development.

The transaction has already been approved by the shareholders of Shaw and the Court of Queen’s Bench of Alberta, and the Canadian Radio-television and Telecommunications Commission (CRTC) has approved Rogers’ acquisition of Shaw’s broadcasting services, subject to conditions.

The transaction remains subject to the approval of the Ministry of Innovation, Science and Economic Development and other customary closing conditions.

Rogers is a Canadian technology and media company that provides world-class communications services and entertainment to consumers and businesses.

Shaw Communications is a Canadian telecommunications company. The Wireline division consists of consumer and business services. The wireless division provides wireless voice and LTE data services.

Rogers Communications Inc. (RCI.B) opened trading at C$66.96 per share.

Shaw Communications Inc. (SJR.B) opened trading at C$37.56 per share.

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