Shaw Communications is still hopeful of closing the deal that will see it acquired by Rogers Communications, despite opposition from the Competition Bureau.
Shaw’s President and CEO, Brad Shaw, said his company remains committed to the deal, which will also see Videotron become the owner of Freedom Mobile, Shaw’s wireless business brand.
Shaw’s comments come after the release of the telecommunications group’s most recent quarterly results on Tuesday. Shaw posted a fourth-quarter profit of 169 million, or 34 cents per share, which compared with a profit of 252 million, or 50 cents per share, for the same period last year.
Revenue totaled $1.36 billion in the quarter ended Aug. 31, down from $1.38 billion in the same period last year.
The Competition Bureau is trying to block the agreement between Rogers and Shaw, fearing that it will lead to a deterioration in the quality of service and a rise in prices for consumers.
Hearings before the Competition Tribunal to study the agreement have been taking place for a few weeks and are expected to continue until mid-December.
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