Quebecor has reached an agreement to buy the activities of Freedom Mobile for 2.85 billion, a transaction which, if it materializes, will allow the conglomerate to become the fourth Canadian player in wireless.
Posted at 11:03 p.m.
This transaction was announced late Friday evening.
The sale of Freedom Mobile – the fourth largest mobile phone provider in the country – is at the heart of the proposed combination between Rogers Communications and Shaw Communications.
In order to convince the Competition Bureau to accept the marriage between the two companies, Rogers agreed to cede Shaw’s mobile phone niche.
The agreement between Quebecor and Rogers will have to obtain the agreement of the regulatory authorities. In a statement, the three companies said the sale of Freedom Mobile to the Quebec conglomerate should address concerns raised by competition authorities.