Why Alberta politicians hope a takeover bid of Calgary s Shaw will be an economic win
From the premier s office to city hall, Alberta politicians are welcoming the news of a $26 billion bid by Rogers Communications for Shaw, banking on some big promises from the bosses at both companies.
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Alberta will gain 1,800 net new jobs as a result of Rogers Communications’ $20 billion purchase of Calgary-based Shaw Communications, the heads of the two companies promised Monday.
Shaw CEO Brad Shaw made the pledge together with Rogers president and CEO Joe Natale just hours after announcing the massive deal that will unite the former rival companies and permanently alter Canada’s wireless industry landscape. The $40.50 per share cash offer (a 69 per cent premium over Shaw’s closing price on Friday) has the support of Shaw’s board and the Shaw family, Brad Shaw said in an interview, adding they would not have agreed to the sale unless they were confident that Calgary and Alberta would come out ahead.
By Vanese M. Ferguson
Mar 15, 2021 9:16 AM
Edward Rogers, Chairman of Rogers Communications, says today’s merger announcement brings together two iconic Canadian family-founded businesses. An agreement has been announced to combine Rogers Communications with Shaw Communications is a deal worth $26 billion. Rogers has Canada’s largest 5G network. Shaw has cable, fibre to home and wireless networks.
Rogers officials say the business merger gives them the ability to scale and make 5G a reality for all Canadians. And the two companies say once the transaction is complete, $2.5 billion will be invested in 5G networks across Western Canada which is projected to create up to 3,000 net new jobs.
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