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Rogers Communications Inc. completes acquisition of Shaw Communications

Date Closed

April 3, 2023

Lead Office



26.00 Billion CAD

On April 3, 2023, Rogers Communications Inc. completed the previously announced acquisition of all issued and outstanding Class A Shares and Class B Shares of Shaw Communications Inc. (the "Transaction"). The Transaction is valued at C$26 billion total, with the inclusion of outstanding debt. Bank of America acted as financial advisor, underwriter and lead arranger to Rogers, and provided partial financing for the Transaction in the form of a bridge loan.

Based in Toronto, Rogers was founded by Ted Rogers in 1967 and has grown to become a leading carrier in Canada’s telecom sector. According to the parties, the Transaction will allow Rogers to invest significantly in 5G networks as well as deliver unprecedented wireline and wireless broadband and network investments, innovation and growth in new telecommunications services.

Shaw Communications Inc. is a leading Canadian telecommunications and mobility services company, based in Alberta.

McCarthy Tétrault advised Bank of America Securities Inc., and Bank of America N.A. (Canada Branch), as Canadian counsel, with a team co-led by Richard Higa and Noel Chow that included David Woollcombe (M&A), Marissa Caldwell and Grant Buchanan (Communications), Kim Brown (Tax), and Richard Lizius (Litigation).