Rogers Communications Inc and Shaw Communications Inc have finalized an agreement to sell Freedom Mobile to Videotron, a unit of Quebecor Inc, the companies said on Friday, paving the way for a merger of Canada’s biggest telecom companies.
Canada’s antitrust agency blocked Rogers’ acquisition of Shaw in May saying it would lessen competition in the country’s concentrated telecoms market, where customers pay among the highest bills.
“This agreement with Quebecor brings us one step closer to completing our merger with Shaw,” Rogers Chief Executive Tony Staffieri said.
The companies said the Freedom Mobile deal was subject to regulatory approvals and closing of the Rogers-Shaw merger.
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.