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Companies are working to secure final approval of transactions
CALGARY, AB, TORONTO and MONTREAL, Jan. 24, 2023 /CNW Telbec/ - Rogers Communications Inc., Shaw Communications Inc., and Quebecor Inc. today provided the following statement on the decision by the Federal Court of Appeal.
"We welcome this clear, unequivocal, and unanimous decision by the Federal Court of Appeal. We continue to work with Innovation, Science and Economic Development Canada to secure the final approval needed to close the pro-competitive transactions and create a stronger fourth wireless carrier in Canada and a more formidable wireline competitor."
Transactions Update
In a ruling from the bench, the Court dismissed the appeal by the Commissioner of Competition (the "Commissioner") of the December 31, 2022, decision of the Competition Tribunal. The Tribunal rejected the Commissioner's challenge of the proposed acquisition of Freedom Mobile by Videotron Ltd., a wholly owned subsidiary of Quebecor Inc., and the subsequent combination of Rogers and Shaw ("the Transactions").
The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, must approve spectrum license transfers from Shaw to Videotron – in connection with the proposed acquisition of Freedom Mobile by Videotron – before the combination of Rogers and Shaw can proceed.
In addition to the decisions of the Federal Court of Appeal and the Competition Tribunal, the Rogers combination with Shaw has already been approved by the 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.
The Transactions are subject to customary closing conditions.
