- Rogers Communications (RCI.A) on Monday, formally closed its long-anticipated merger with rival Shaw Communications
- Canadian regulators gave final approval to the $20-billion acquisition last week
- The Shaw family is now one of the largest shareholders of Rogers Communications
- Two former Shaw executives have been nominated to join the Rogers Board of Directors
- Rogers Communications (TSX:RCI.A) is down 1.77 percent, trading at $61.53 at 12:09 p.m. ET
Rogers Communications (RCI.A) on Monday, formally closed its long-anticipated merger with rival Shaw Communications.
Canadian regulators gave final approval to the $20-billion acquisition last week.
“This is a momentous day for our customers, who will benefit from the latest services and network technology, and for our teams, who have worked so hard to get us here,” Rogers President and CEO Tony Staffieri said in a statement Monday.
Both Rogers and Shaw previously agreed to sell Shaw’s Freedom Mobile division to Montreal-based Groupe Vidéotron, as a condition of the merger. The move was done to ease concerns by regulators that the merger would reduce competition. Groupe Vidéotron’s mobile plan prices are on average, significantly lower than both Shaw or Rogers.
That sale closed Monday as well.
“Rogers and Shaw have been connecting Canadians for more than 50 years, and we’re thrilled to come together as one company to build on a shared legacy of investment, innovation, and entrepreneurship,” said Rogers Chairman Edward Rogers said in a statement Monday.
Rogers and Shaw have spent more than $40 billion combined upgrading infrastructure over the last decade.
The Shaw family is now one of the largest shareholders of Rogers Communications.
Two former Shaw executives have been nominated to join the Rogers Board of Directors.
Canada’s Ministry of Industry has laid out certain conditions Rogers must abide by as a condition of the merger’s approval. That includes continuing to roll out high-speed 5G fiberoptic internet capabilities to rural areas of the country
“We plan to bring together our products and services for Canadians in a way we never have before,” Staffieri said Monday.
“This is a business of scale, and we can now deliver even more value for consumers and businesses on Canada’s largest and best national network.”
Rogers Communications (TSX:RCI.A) is down 1.77 percent, trading at $61.53 at 12:09 p.m. ET.