Rogers acquires rival Shaw in Canadian telecoms shake-up

Rogers acquires rival Shaw in Canadian telecoms shake-up

15/3/2021 9:37:00 PM

Rogers acquires rival Shaw in Canadian telecoms shake-up

BENGALURU/OTTAWA: Rogers Communications Inc said on Monday it was buying rival Shaw Communications Inc for about C$20 billion (RM66.13 billion) in a d...

A sign outside a Rogers Communications retail store in Ottawa, Canada. – REUTERSPIXBENGALURU/OTTAWA:Rogers Communications Inc said on Monday it was buying rival Shaw Communications Inc for about C$20 billion (RM66.13 billion) in a deal that would create Canada's second-largest cellular and cable operator but might attract stiff regulatory scrutiny.

RM6m to Yayasan Akalbudi a donation, not a bribe for project - lawyer Elemen 'brutal' squid game | Harian Metro MOH sets up portal for travellers to apply for home quarantine

By acquiring fourth-ranked Shaw, Rogers would leapfrog Telus Corp, taking on market leader BCE Inc. Shaw's strong presence in Western Canada would also help Rogers double down on its efforts to roll out 5G throughout the country.Shaw shares jumped 42% to C$34, but traded well below the offer price of US$40.50, suggesting doubts about the deal, which is valued at C$26 billion including debt. Shares of Rogers were also up 7% at C$64.

The deal, if completed, would be the biggest Canadian telecoms merger since BCE completed the spinoff of its stake in Nortel Networks in a transaction valued at C$88.7 billion, according to Refinitiv data.“It’s really too early to speculate on the regulatory outcome overall,“ Rogers chief executive officer Joseph Natale said on a conference call. “But we feel confident this transaction will be approved.” headtopics.com

The deal will be reviewed by the independent Competition Bureau of Canada, the Canadian Radio-television and Telecommunications Commission, as well as the department of Innovation, Science, and Economic Development.Canadian Innovation Minister Francois-Philippe Champagne said the review would focus on “affordability, competition, and innovation.”

Toronto-based Rogers said it planned to spend C$2.5 billion on ramping up 5G networks in Western Canada over the next five years following its acquisition of Calgary-based Shaw.Rogers also said it would not raise wireless prices for Freedom Mobile customers for at least three years after the deal as it had pledged to continue offering affordable wireless plans.

Rogers' finance chief, Tony Staffieri, said the company was not looking to sell cable firm, Cogeco, in which it owns a 34% stake.The deal brings two of the country's biggest family-founded telecom businesses together, with a combined C$19 billion in annual revenue. BCE raked in C$22.9 billion last year, while Telus had C$15 billion in revenue. – Reuters

Read more: theSun »

National women's singles shuttler Jin Wei drops bombshell retirement announcement

PETALING JAYA: National women's singles shuttler Goh Jin Wei has dropped a bombshell on Monday (Sept 13) by announcing her retirement from badminton.

Soccer-Man Utd fuelled by semi-final heartaches, says Shaw(Reuters) - Manchester United defender Luke Shaw said the disappointment of losing four semi-finals can serve as motivation for the team to end their hoodoo and go all the way in the Europa League this year.

Soccer: Shaw regrets pulling out of England squads, letting Southgate down(Reuters) - Manchester United left back Luke Shaw said he regrets letting down Gareth Southgate in the past by pulling out of England squads but is determined to make up for lost time.

Shaw puts himself back in frame for EurosTIRANA (Reuters) - When injuries and poor form threatened to turn Luke Shaw's dream move to Manchester United into confidence-shredding struggle, his career appeared to be in a downward spiral.

Pope gets nod for England, Shaw gets boost | Malay MailMANCHESTER, England, March 27 —- England manager Gareth Southgate has opted for Nick Pope as his starting goalkeeper for the upcoming World Cup qualifiers against Albania and Poland. The Burnley keeper started Thursday’s 5-0 win over San Marino at Wembley and in the absence of the injured...

Red Devils are fuelled by semifinal heartaches, Shaw exclaimsThe defender says the prospect of finally lining up in a high-stakes game is a 'massive motivation'. FMTNews