Rogers, Shaw say merger deal to be opposed by competition commissioner
Global News
In a joint statement on Saturday, Rogers and Shaw said they were notified of the commissioner's intention to prevent the multibillion-dollar proposed merger.
Rogers Communications and Shaw Communications say Canada’s Commissioner of Competition plans to oppose a multibillion-dollar proposed merger of the two Canadian rival companies.
In a joint statement issued on Saturday, Rogers and Shaw said they were notified of Matthew Boswell’s intention to prevent the deal, adding that they would oppose the anticipated application and continue to engage with the Competition Bureau in an effort the resolve the matter.
Toronto-based Rogers announced last year its plan to buy Calgary-based Shaw in a deal valued at $26 billion, including debt. The Canadian Radio-television and Telecommunications Commission (CRTC) approved the acquisition in March, but laid out a series of conditions.
“Rogers and Shaw remain committed to the Transaction, which is in the best interests of Canada and Canadians because of the significant long-term benefits it will bring for consumers, businesses and the economy,” the companies said on Saturday.
The companies said they have offered to address concerns regarding the possible impact of the deal on Canada’s competitive wireless market by proposing to sell Shaw’s wireless business, Freedom Mobile
In addition to the CRTC, the deal has also been approved by Shaw’s shareholders and the Court of Queen’s Bench of Alberta.
However, a number of hurdles still remain, including the greenlight from the Ministry of Innovation, Science and Economic Development.
Rogers and Shaw said they had agreed to extend the timing of the deal to July 31, 2022, to allow for continued engagement with the Competition Bureau.
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