The $20 billion deal, which will create Canada’s No. 2 telecoms operator, has passed all legal hurdles after the Competition Tribunal objected on concerns that included the merger would raise wireless fees in Canada, already the highest in the world.
Rogers and Shaw estimated in April 2021 that the transaction would cost $100 million in total fees, but some bankers and lawyers now expect the payout to be higher due to the lengthy court battle. Rogers declined to provide revised figures. “Due to the lengthy approval process, the legal teams are likely to take the majority of these fees, which is not typical,” said Derek Van der Plaat, a managing director at BDO Canada, M&A and Capital Markets.Article content
Law firms Lax O’Sullivan Lisus Gottlieb represented Rogers, while Davies Ward Phillips & Vineberg and Wachtell are lawyers for Shaw.Law firms Goodmans and Torys advised Rogers and its controlling shareholder, while Davies Ward Phillips and Vineberg and Wachtell, Lipton Rosen and Katz represented Shaw. Burnet, Duckworth and Palmer is an independent legal advisor to a special committee of independent directors of Shaw.
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