TORONTO — Rogers Communications Inc. has revealed that a group led by U.S. investment management company Blackstone Inc. is the buyer in its proposed $7 billion sale of a minority stake in a portion of its wireless network infrastructure.
The transaction, which Rogers originally announced in October, also includes investors such as the Canada Pension Plan Investment Board, Caisse de dépôt et placement du Québec, the Public Sector Pension Investment Board and British Columbia Investment Management Corp.
The deal is structured so that Blackstone will hold a 49.9 per cent interest in a new subsidiary that will own the infrastructure which transports data from Rogers' cell towers to its core network, while Rogers will hold a 50.1 per cent equity interest.
The deal is expected to close during the second quarter of this year.
Rogers, which intends to use funds from the transaction to repay debt, would have the right to purchase Blackstone's interest in the subsidiary between 2033 and 2037.
Rogers will maintain full operational control for its entire national wireless network under the agreement, which does not include its cell towers or spectrum holdings.
This report by The Canadian Press was first published April 4, 2025.
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