On December 29, 2022 a Canada’s antitrust tribunal approved the highly contested proposed merger between the Toronto-based Rogers Communications and the Calgary-based Shaw Communications. The following day, Canada’s Competition bureau filed a notice to appeal the decision with the Canadian appellate court.
Originally, the two communication companies announced the merge valued at C$ 26 billion (U.S.$19.18 billion) on March 15, 2021. Two months later the Canadian Competition Bureau sued to stop the merger. In effect, Rogers planned to take over Shaw for C$26 billion, including Shaw’s $6 billion debt.
Now Rogers and Shaw await approval from Industry Minister François-Philippe Champagne, who in October 2022 hinted his intention to approve the merge.
It remain to be seen if Rogers may have to pay about C$260 million (U.S.$ 191.8 million) in consent fees to bondholders since the deal did not close by Dec. 31, 2022.
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