Canada’s Rogers closes C$20 billion deal for rival Shaw

(Reuters) – Rogers (NYSE:) Communications Inc on Monday said it had closed the takeover of smaller rival Shaw Communications (NYSE:) Inc, days after Canada gave its final approval for the C$20 billion ($14.87 billion) deal.

Minister of Innovation, Science and Industry Francois-Philippe Champagne agreed to the transfer of wireless licenses held by Shaw’s Freedom Mobile unit to Quebecor Inc under some conditions, paving the way to create Canada’s no. 2 telecom company.

Quebecor announced it had closed the Freedom Mobile deal on Monday.

Here is the snapshot of key events in Rogers-Shaw merger:

Date Development

March 15, Rogers Communications says it will buy Shaw for

2021 about C$20 billion ($16.02 billion)

Aug. 5, 2021 The Canadian regulator starts to look into the

bid and obtains court orders to advance its

review

Jan. 10, Rogers appoints insider and industry veteran

2022 Tony Staffieri as president and CEO to lead the

company through Shaw’s acquisition

May 9, 2022 Canada’s antitrust agency seeks to block

Rogers-Shaw $16 billion merger

May 30, 2022 Rogers agrees with Canada’s competition bureau

to put Shaw merger on hold

June 3, 2022 Rogers asks tribunal to scrap the competition

bureau’s rejection, argues the merger will

create more competition rather than stifle it

June 17, Antitrust regulator says it remains opposed to

2022 Rogers plan to buy Shaw

June 18, Quebecor agrees to buy Shaw unit Freedom Mobile

2022 for an enterprise value of C$2.85 bln ($2.19

bln) to allay anti-competition concerns

June 24, Canada’s Rogers, Shaw and competition watchdog

2022 agree to start mediation

July 6, 2022 Rogers says talks to discuss possible remedies

to the blocked takeover of Shaw did not result

in a resolution

July 22, Canada’s antitrust agency says needs more time

2022 to investigate concession offered by Rogers

July 27, Rogers extends deadline to close the buyout

2022

Aug. 12, Rogers and Shaw finalize agreement to sell

2022 Freedom Mobile to Videotron, a unit of Quebecor

Oct. 28, Rogers, Shaw and Quebecor fail to mediate their

2022 differences with Canada’s competition bureau

over the bid

Dec. 30, Canada’s competition tribunal approves Rogers

2022 bid for Shaw

Jan. 3, 2023 A Federal Court put a stay on the Rogers-Shaw

merger following a request from Canada’s

Competition Bureau after antitrust tribunal’s

approval

Jan. 17, Rogers says the merger has been delayed long

2023 enough and must be allowed to proceed despite

the competition bureau’s opposition

Jan. 24, A Canadian court dismisses the competition

2023 bureau’s effort to overturn the merger approval

by Canada’s antitrust tribunal

Jan. 25, Canada’s Competition Bureau drops plans to kill

2023 the deal following two defeats in courts in

less than a month

Jan. 30, Rogers and Shaw extend deadline for their C$20

2023 billion ($15.01 billion) merger to Feb. 17 from

January end awaiting government approval

Feb. 17, Rogers further extends the deadline for the

2023 merger with Shaw for the fourth time to March

31

March 31, Canada grants the final approval for Rogers

2023 buyout of Shaw, paving the way for the creation

of the country’s No. 2 telecoms company

Rogers

April 3, closes

2023 Shaw acquisition; Quebecor closes

Freedom Mobile deal

($1 = 1.3453 Canadian dollars)