Companies Welcome Approval by Minister of
Innovation, Science and Industry for the Transfer of Shaw's
Spectrum Licenses to Videotron
Extend outside date of closing the
transactions to April 7, 2023
TORONTO, CALGARY and MONTREAL, March 31,
2023 /CNW/ - After receiving federal government
approval, Rogers Communications Inc., Shaw Communications Inc., and
Quebecor Inc. announced today that they plan to close the
pro-competitive transactions expeditiously.
The three companies, along with the Shaw Family Living
Trust, have agreed to extend the outside date of the
acquisition of Freedom Mobile by Videotron Ltd., a wholly-owned
subsidiary of Quebecor (the "Freedom Transaction") and the
closing of the merger of Rogers and Shaw (the "Rogers-Shaw Merger")
to April 7, 2023 and expect the
transactions to close by that date.
The announcement follows approval of the transfer of Shaw's
wireless spectrum licences to Videotron by the Minister of
Innovation, Science and Industry. This was the final regulatory
approval required to enable the Freedom Transaction and the
Rogers-Shaw Merger (the "Transactions").
The Transactions have now received all required shareholder and
regulatory approvals and remain subject to customary closing
conditions.
Transactions Update:
On January 24, 2023, the Federal
Court of Appeal dismissed the appeal by the Commissioner of
Competition (the "Commissioner") of the December 31, 2022, decision of the Competition
Tribunal. The Tribunal had rejected the Commissioner's challenge of
the Freedom Transaction and the subsequent Rogers-Shaw Merger.
In addition to the decisions of the Federal Court of Appeal and
the Competition Tribunal, the Rogers-Shaw Merger has already been
approved by the common shareholders of Shaw and the Court of King's
Bench of Alberta, and the transfer
of Shaw's broadcasting licences to Rogers has been approved by the
Canadian Radio-television and Telecommunications Commission.
Caution Regarding Forward Looking Information
This news release includes "forward-looking information" within
the meaning of applicable securities laws, including, without
limitation, statements about the expected completion of both the
Freedom Transaction and the Rogers-Shaw Merger and the anticipated
timing for closing of the Transactions and the anticipated benefits
and effects of the Rogers-Shaw Merger or the Freedom Transaction.
Forward-looking information may in some cases be identified by
words such as "will", "anticipates", "believes", "expects",
"intends" and similar expressions suggesting future events or
future performance.
We caution that all forward-looking information is inherently
subject to change and uncertainty and that actual results may
differ materially from those expressed or implied by the
forward-looking information. A number of risks, uncertainties and
other factors could cause actual results and events to differ
materially from those expressed or implied in the forward-looking
information or could cause the current objectives, strategies and
intentions of Rogers, Shaw or Quebecor to change. Such risks,
uncertainties and other factors include, among others, the
possibility that the Freedom Transaction or the Rogers-Shaw Merger
will not be completed in the expected timeframe or at all; the
outcome and timing of potential litigation associated with the
Rogers-Shaw Merger or the Freedom Transaction; the inability to
realize the anticipated benefits of the Freedom Transaction and the
Rogers-Shaw Merger in the expected time frame or at all.
Accordingly, we warn investors to exercise caution when considering
statements containing forward-looking information and that it would
be unreasonable to rely on such statements as creating legal rights
regarding the future results or plans of Rogers, Shaw or Quebecor.
We cannot guarantee that any forward-looking information will
materialize and you are cautioned not to place undue reliance on
this forward-looking information. Any forward-looking information
contained in this news release represent expectations as of the
date of this news release and are subject to change after such
date. A comprehensive discussion of other risks that impact each of
Rogers, Shaw or Quebecor can also be found in its public reports
and filings, which are available under their respective profiles,
as applicable, at www.sedar.com and www.sec.gov.
Forward-looking information is provided herein for the purpose
of giving information about the Freedom Transaction and the
Rogers-Shaw Merger, and their expected timing. Readers are
cautioned that such information may not be appropriate for other
purposes. The completion of the Freedom Transaction and the
Rogers-Shaw Merger is subject to certain closing conditions,
termination rights and other risks and uncertainties. There can be
no assurance that such closing conditions will be satisfied or that
the Freedom Transaction or the Rogers-Shaw Merger will occur on the
terms and conditions described herein or previously announced. The
Freedom Transaction and the Rogers-Shaw Merger could be modified,
restructured or terminated. There can also be no assurance that the
outside date of the Rogers-Shaw Merger will be further extended by
the parties, or that the outside date of the Freedom Transaction
will be extended by the parties to the extent necessary to permit
closing of either transaction to occur.
All statements containing forward-looking information are made
pursuant to the "safe harbour" provisions of the applicable
Canadian and United States
securities laws. None of Rogers, Shaw or Quebecor is under any
obligation (and each of Rogers, Shaw and Quebecor expressly
disclaims any such obligation) to update or alter any statements
containing forward-looking information, the factors or assumptions
underlying them, whether as a result of new information, future
events or otherwise, except as required by law. All of the
forward-looking information in this news release is qualified by
the cautionary statements herein.
About
Rogers Communications Inc.
Rogers is a leading Canadian technology and media company that
provides communications services and entertainment to consumers and
businesses. Rogers shares are publicly traded on the Toronto Stock
Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange
(NYSE: RCI). For more information, please visit: rogers.com
or investors.rogers.com.
About Shaw Communications
Inc.
Shaw is a leading Canadian connectivity company. The Wireline
division consists of Consumer and Business services. Consumer
serves residential customers with broadband Internet, video and
digital phone. Business provides business customers with Internet,
data, WiFi, digital phone, and video services. The Wireless
division provides wireless voice and LTE data services.
Shaw is traded on the Toronto
and New York stock exchanges and
is included in the S&P/TSX 60 Index (Symbol: TSX - SJR.B, NYSE
- SJR, and TSXV - SJR.A). For more information, please
visit www.shaw.ca.
About Quebecor Inc.
Quebecor, a Canadian leader in telecommunications,
entertainment, news media and culture, is one of the
best-performing integrated communications companies in the
industry. Driven by their determination to deliver the best
possible customer experience, all of Quebecor's subsidiaries and
brands are differentiated by their high-quality, multiplatform,
convergent products and services.
Québec-based Quebecor (TSX: QBR.A, QBR.B) employs nearly 10,000
people in Canada.
A family business founded in 1950, Quebecor is strongly
committed to the community. Every year, it actively supports more
than 400 organizations in the vital fields of culture, health,
education, the environment and entrepreneurship.
SOURCE Québecor Média inc.