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By The Canadian Press

Mega merger in telecommunications industry

Rogers Communications signs deal to buy Shaw Communications in deal valued at $26B

Mar 15, 2021 | 7:06 AM

TORONTO – Rogers Communications Inc. has signed a deal to buy Shaw Communications Inc. in a deal valued at $26 billion, including debt.

Under the plan, Rogers will pay $40.50 in cash for all of Shaw’s issued and outstanding class A and class B shares.

Shaw’s class B shares closed at $23.90 on the Toronto Stock Exchange on Friday.

As part of the transaction, the companies said Rogers will invest $2.5 billion in 5G networks over the next five years across Western Canada.

Rogers also says it will create a a new $1-billion fund dedicated to connecting rural, remote and Indigenous communities across Western Canada to high-speed internet service.

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The deal, which is subject to other customary closing conditions, as well as approvals from Canadian regulators, is expected to close in the first half of 2022.

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