Rogers Closes Massive $7B Deal with Blackstone, Pension Giants

Rogers has finalized a $7 billion deal with Blackstone and several major Canadian pension funds, selling a non-controlling stake in a new subsidiary that owns part of its wireless network infrastructure.

The move gives Blackstone and partners—including the Canada Pension Plan Investment Board, Caisse de dépôt et placement du Québec, PSP Investments, BCI, and IMCO—an interest in Rogers’ wireless backhaul transport assets. However, Rogers says it will retain full control of the network and will still report the subsidiary’s performance in its financial results.

Rogers CEO Tony Staffieri said the deal helps the company reduce debt and unlock the value of its infrastructure.

Blackstone and these major Canadian pension funds will get a 49.9% stake in a newly created Rogers subsidiary. This new company will own a small slice of Rogers’ wireless infrastructure—mainly the systems that help route data between cell towers.

The deal, which was in the works since at least October 2024, is aimed at helping Rogers pay down debt from recent big-ticket spending, including its $26 billion Shaw acquisition. Rogers will retain majority ownership (50.1%) and 80% of voting rights, while Blackstone and partners will receive about $400 million annually for the first five years.

The setup is largely a financial maneuver: Rogers still controls its network operations, and it can buy back Blackstone’s share in 8 to 12 years. Similar moves have been made by U.S. telecoms, and with this deal now closed, rival Telus is reportedly looking to do something similar.

Rogers is under pressure to reduce its debt, especially after recently renewing a $11 billion NHL broadcasting deal over 12 years.