Mar 31, 2023
By Jane Brown
Rogers Communications’ $26-billion takeover of Shaw Communications has now cleared the last regulatory hurdle.
Friday morning, Federal Industry Minister Francois-Phillipe Champagne announced he’s approved the transfer of Shaw-owned Freedom Mobile’s wireless licences to Quebecor Inc., which paves the way for the deal to be completed.
Champagne also outlined a number of conditions associated with the agreement.
These include an establishment of a western headquarters and the creation of 3000 new jobs in Western Canada, a commitment to invest $5.5 billion o expand 5G coverage and additional network services, and a commitment to invest $1-billion to connect rural, remote and indigenous communities in Canada.
“Should either party breach any of these commitments, they will be required to pay significant financial damages,” Champagne explained, “Up to $200-million in the case of Videotron and up to $1-billion in the case of Rogers.”
The Rogers-Shaw deal was first announced more than two years ago and has been awaiting regulatory approval since then.
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