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Canadian telecommunications operator Rogers Communications Inc announced on Monday that it had reached an agreement to acquire Shaw Communications Inc valued at approximately $ 26 billion.
FILE PHOTO: Rogers Communications logos can be seen above a booth during media day at Canadian International AutoShow in Toronto, Ontario, Canada on Feb. 14, 2019. REUTERS / Chris Helgren
March 15, 2021 7:35 p.m.(Updated: March 15, 2021, 7:55 pm)
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REUTERS: Rogers Communications Inc agreed to take over rival Shaw Communications Inc valued at around CUS 26 billion, the Canadian telecommunications operator announced on Monday. This would help grow its 5G networks against a backdrop of consolidation in the broader sense of the telecommunications industry.
Rogers said Shaw shareholders will receive CUS 40.50 per share, a premium of nearly 70 percent over Shaw’s last deal.
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Under the contract, which is expected to close in the first half of 2022, the combined company will invest $ 2.5 billion in 5G networks in western Canada over the next five years, Rogers said.
(US $ 1 = 1.2456 Canadian dollars)
(Reporting by Eva Mathews in Bengaluru; editing by Shailesh Kuber)