(Toronto) Rogers Communications on Monday announced the completion of its $26 billion acquisition of Shaw Communications, after receiving final approval from Ottawa on Friday.
Rogers CEO Tony Staffieri called the day memorable for the company’s customers and said they will benefit from the latest network services and technologies.
Industry Minister Francois-Philippe Champagne on Friday gave the green light to the takeover by agreeing to transfer wireless licenses from Shaw-owned Freedom Mobile to Quebecor-owned Videotron, paving the way for the execution of the main agreement.
Minister Champagne imposed 21 conditions on Rogers and Videotron, including the establishment of a second head office in Calgary and the addition of 3,000 new jobs in Western Canada.
Videotron must offer packages at prices at least 20% lower than those of its competitors and spend 150 million over the next two years to upgrade Freedom Mobile’s network.