BCE Inc T.BCE

Time to copy Rogers latest move and pay down debt

[Ocalaman]

Based on the search results provided, the buyer of Rogers' backhaul infrastructure stake has been identified:Blackstone, the New York-based asset management firm, is in talks to acquire a minority stake in Rogers Communications' wireless backhaul infrastructure for CAD 7 billion (approximately USD 5.2 billion)

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.Key details about this deal include:

1. Blackstone emerged as the leading bidder, offering the best terms to Rogers
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2. The deal is still being finalized, with Apollo Global Management reportedly still trying to improve its bid
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3. Rogers had initially invited several large asset managers to bid on this data-carrying business, including Blackstone, Apollo, Brookfield, and KKR
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4. The transaction is expected to close by the end of 2024
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5. Blackstone will initially earn close to $290 million annually from this investment, with the payout expected to increase over time as data traffic grows
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6. Rogers will retain controlling interest and continue to manage the backhaul operations
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7. This deal is considered the first of its kind in Canada, potentially paving the way for similar transactions by other Canadian telecom companies
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8. The transaction does not require regulatory approval, according to sources
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It's worth noting that while Rogers announced the $7 billion deal alongside its third-quarter earnings on October 24th, 2024, they initially did not disclose the identity of the investor

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. The information about Blackstone's involvement came to light later through reports citing anonymous sources familiar with the transaction.