News Summary

Rogers Communications has announced a $7 billion deal involving Blackstone and a consortium of Canadian pension investors, including the Canada Pension Plan Investment Board (CPP Investments), Quebec’s CDPQ, the Public Sector Pension Investment Board, and BC’s Investment Management Corporation. This agreement allows Rogers to sell a 49.9% stake in a new Rogers-owned company that will manage a portion of its wireless infrastructure. While Rogers retains 50.1% control and 80% of the voting rights, the move aims to reduce its debt load, especially after its recent $26 billion acquisition of Shaw. The deal, described by Rogers CEO Tony Staffieri as the first of its kind in Canada, mirrors strategies adopted by U.S. telecoms like T-Mobile. The transaction, which still requires regulatory approval, is expected to close by mid-2025.