Big news for Canada’s largest telecommunications giant Rogers [TCO] as they as buying Shaw [TCO] for $26 billion. As part of the deal Rogers agrees to invest $2.5 billion in 5G networks over the next five years across Western Canada, which is the backyard of rival TELUS [TCO].
Rogers will also create new $1 billion fund dedicated to connecting rural, remote and Indigenous communities across Western Canada to high-speed internet service.
“This combination of two great companies will create more jobs and investment in Western Canada, connect more people and businesses, deliver best-in-class-services and infrastructure across the nation and provide increased competition and choice for Canadian consumers and businesses,” Rogers CEO Joe Natale said in a statement.
The deal is still subject to shareholder approval, and would close in the first half of 2022.