Rogers, Shaw sign agreement to sell Freedom Mobile to Quebecor

[August 12, 2022]   (Reuters) -Rogers Communications Inc and Shaw Communications Inc have finalised an agreement to sell Freedom Mobile to Videotron, a unit of Quebecor Inc, the companies said on Friday, paving the way for a merger of Canada's biggest telecom companies.

 The Rogers Building, the green-topped corporate campus of Canadian media conglomerate Rogers Communications is seen in downtown Toronto, Ontario, Canada July 9, 2022. REUTERS/Chris Helgren/File Photo

Canada's antitrust agency blocked Rogers' C$20 billion acquisition of Shaw in May saying it would lessen competition in the country's concentrated telecoms market, where customers pay among the highest bills.

"This agreement with Quebecor brings us one step closer to completing our merger with Shaw," Rogers Chief Executive Tony Staffieri said.

The companies said the Freedom Mobile deal was subject to regulatory approvals and closing of the Rogers-Shaw merger.

(Reporting by Akash Sriram in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak Dasgupta)

 

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