Rogers Communications Inc. has closed its $26-billion purchase of Shaw Communications Inc. after receiving final approval from Ottawa last week.
Final regulatory hurdle to get federal government approval came last Friday
Rogers Communications Inc. has closed its $26-billion purchase of Shaw Communications Inc. after receiving final approval from Ottawa last week.
Rogers CEO Tony Staffieri calls it a momentous day for the company’s customers and says they will benefit from the latest services and network technology.
Industry Minister Francois-Philippe Champagne gave the green light to the takeover on Friday by agreeing to the transfer of Shaw-owned Freedom Mobile’s wireless licences to Quebecor Inc.’s Videotron, paving the way for the main deal to go ahead.
Champagne announced 21 conditions that Rogers and Videotron must adhere to, including Rogers establishing a second headquarters in Calgary and adding 3,000 new jobs based in Western Canada.
WATCH | Rogers gets final approval to take over Shaw:
Rogers is set to take over Shaw after the federal government approved the merger with conditions which it insists will make the deal good for consumers. But some are skeptical the merger will actually be good for their wallets.
Videotron must offer plans that are at least 20 per cent lower than its competitors and spend $150 million over the next two years to upgrade Freedom Mobile’s network.
Rogers said last week it expected to close on Friday, April 7, but issued a press release on Monday morning saying the deal was done.
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