Rogers, Shaw, Quebecor extend outside date of proposed transactions

Rogers Communications (RCI), Shaw Communications (SJR), the Shaw Family Living Trust, and Quebecor (QBCRF) announced an agreement to extend the outside date of the proposed merger of Rogers and Shaw and the acquisition of Freedom Mobile by Videotron Ltd., a wholly-owned subsidiary of Quebecor, to March 31, 2023. All parties remain committed to the pro-competitive transactions, and continue to work with Innovation, Science and Economic Development Canada to obtain approval of the transfer of spectrum licenses from Shaw to Videotron – in connection with the proposed acquisition of Freedom Mobile by Videotron. ISED approval must be obtained before the combination of Rogers and Shaw can proceed. On January 24, 2023, the Federal Court of Appeal dismissed the appeal by the Commissioner of Competition of the December 31, 2022, decision of the Competition Tribunal. The Tribunal had rejected the Commissioner’s challenge of the proposed acquisition of Freedom Mobile by Videotron and the subsequent combination of Rogers and Shaw. In addition to the decisions of the Federal Court of Appeal and the Competition Tribunal, the Rogers-Shaw merger has already been approved by the common shareholders of Shaw and the Court of King’s Bench of Alberta, and the transfer of Shaw’s broadcasting licences to Rogers has been approved by the Canadian Radio-television and Telecommunications Commission. The Transactions are subject to customary closing conditions.