Skip to Content
Global News Select

Quebecor, Rogers, Shaw Sign Definitive Agreement to Sell Freedom Mobile While Awaiting Regulatory OK

By Adriano Marchese

 

Quebecor Inc., Rogers Communications Inc. and Shaw Communications Inc. have entered into a definitive agreement for the sale of Freedom Mobile Inc., first announced in mid-June.

The agreement between the three Canadian telecom companies brings the 2.85 billion Canadian dollars (US$2.23 billion) sale of Freedom Mobile to Videotron Ltd., a subsidiary of Quebecor, one step closer.

The companies said in a joint statement the definitive agreement is substantially consistent with the terms agreed upon earlier in June.

However, there the sale remains conditional on the same regulatory approvals in Canada, including receiving the proper green lights for the contentious merger between Rogers and Shaw, first announced in March of last year.

Rogers and Shaw still require, among other things, to receive clearance under the Competition Act and receive the approval of the Canadian Minister of Innovation, Science and Industry before their merger can be finalized.

In June, Rogers had said that the divestiture of Freedom Mobile was a critical step toward placating the Government of Canada's concerns of lessening competition in an already uncompetitive telecommunications sector in Canada.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

August 12, 2022 06:38 ET (10:38 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.