Rogers Communications Inc. will sell Freedom Mobile Inc. to Quebecor Inc. for $2.85 billion in a deal it hopes will appease federal regulators opposed to its…
The cash-free, debt-free deal was announced late Friday and will see Quebecor buy all of Freedom’s branded wireless and internet customers, as well as its infrastructure, spectrum and retail locations.
“This agreement between proven cable and wireless companies will ensure the continuation of a highly competitive market with robust future investments in Canada’s world-class networks,” said Tony Staffieri, president and chief executive of Rogers, in a release.tap here to see other videos from our teamShaw CEO and executive chairman Brad Shaw labelled the deal “an important milestone in our bold and transformative journey to join together with Rogers.
Globalive Capital signed a network and spectrum sharing agreement with Telus Corp. in May to boost its bid to purchase Freedom. Formerly known as Wind Mobile, Freedom was founded by Globalive founder and chairman Anthony Lacavera in 2008. However, it remains subject to review by the Competition Bureau and the Minister of Innovation, Science and Economic Development.
It also argued the proposed sales of Shaw’s Freedom is “not an effective remedy” because it won’t replace the growing competition Shaw Mobile would deliver in Alberta and British Columbia and would make Freedom “a subsequently weaker competitor” than it would have been.Article content