Rogers and Shaw announced on Wednesday the merger deadline for its $26 billion deal has been extended to December 31, 2022, saying the change is “demonstrating their commitment to completing this transformative combination.”
An option to further extend the date to January 31, 2023, is available once Rogers has financing available for the deal.
Both companies say they continue to seek the sale of Freedom Mobile to Quebecor.
The Rogers-Shaw deal is currently being opposed by the Competition Bureau and awaits a review at the Competition Tribunal. The merger still needs approval from the Minister of Innovation, Science and Industry, but has been approved by Shaw shareholders, the Court of Queen’s Bench of Alberta, and the Canadian Radio-television and Telecommunications Commission.
Rogers CEO Tony Staffieri told analysts on a conference call today, “Rogers, Shaw and Quebecor are committed to seeing this transaction through to completion.”
He added, “the three companies have put together a competitive and commercially sustainable remedy that will create a strong Canadian fourth (wireless) carrier, with proven operations in multiple provinces, that will reach over 80 per cent of the Canadian population.”
Last week, the Competition Bureau said it needs more time to investigate the sale of Freedom to Quebecor and asked for more time to look into the matter, which Rogers rejected.
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So, as Shaw stopped investment in Freedom and it is freewheeling, Freedom will continue to flounder until then. Hopefully whoever gets to own it will be somebody with the ability to start upgrading (e.g. the Quebecor 5G spectrum). They were ready to enable band 71 when Shaw stopped the spending.