Blackstone is bidder, Apollo is still in the mix Blackstone (NYSE:BX) is the mystery investor who bid for a $7 billion minority stake in Roger Communication Inc.'s (RCI) cell phone infrastructure business.
Blackstone (BX) is the potential acquirer of the wireless backhaul network that Rogers (RCI) is selling a stake in, according to a Globe & Mail report on Wednesday, which cited two people familiar with the matter.
Rogers (RCI) announced last Thursday that it was selling a $7 billion equity interest in its backhaul network, though it didn't identify who the buyer was.
Rogers (RCI) offered Blackstone (BX), Apollo (APO) and a number of other large asset managers an opportunity to invest in the business, according to the report. Brookfield Asset Management (BAM) and KKR & Co. (KKR) also made pitches.
Blackstone (BX) offered the best terms, though Apollo (APO) still wants the asset and is attempting to sweeten its offer, according to the report.