Blackstone Closes Rogers Transaction

Rogers Communications has received C$7 billion in equity investment from Blackstone.

The funding will be used to pay down debt at the Canadian communications company. Blackstone now holds a non-controlling interest in a new Canadian subsidiary that owns a portion of Rogers’ wireless backhaul transport infrastructure. Rogers is maintaining full operational control of its network.

“This transaction demonstrates the confidence investors have in Rogers and our world-class assets,” said Tony Staffieri, president and CEO. “With this significant investment, we are unlocking the unrecognized value of critical assets and executing on our commitment to de-lever our balance sheet.”

The investor group led by Blackstone includes CPP Investments, La Caisse, PSP Investments, BCI and the Investment Management Corporation of Ontario (IMCO).