Shaw Communications completes C$2 billion acquisition of Canwest's broadcasting business
October 27, 2010
2.00 Billion CAD
On October 27, 2010, Shaw Communications Inc. completed the purchase of all the broadcasting assets of Canwest Global Communications Corp. for approximately C$2 billion (including US$709 million previously paid to funds managed by Goldman Sachs for their interest in the specialty television business managed by Canwest).
Shaw's acquisition was implemented through a plan of compromise, arrangement and reorganization under the Companies’ Creditors Arrangement Act ("CCAA") and the Canada Business Corporations Act. The holders of the 8% Senior Subordinated Notes issued by Canwest Media Inc. were repaid US$442.4 million as part of the transaction and trade and other creditors received distributions as provided in the CCAA plan.
Shaw, headquartered in Calgary, Alberta, is a Canadian telecommunications company that provides telephone, Internet and television services as well as mass media related services.
Canwest Global Communications Corporation, headquartered in Winnipeg, Manitoba, which operates under the corporate brand Canwest, is a major Canadian media company holding radio, television broadcasting and publishing assets in several countries, primarily in Canada.
McCarthy Tétrault LLP represented Goldman Sachs, as seller, with a team led by Garth Girvan.