By Canadian Press

Shaw shareholders approve sale of company to Rogers in $26B deal

May 20, 2021 | 12:33 PM

CALGARY – Shaw Communications Inc. shareholders have voted to approve the company’s sale to Rogers Communications Inc. for $26-billion, including debt.

Under the plan, Rogers will pay $40.50 in cash for all of Shaw’s issued and outstanding class A and class B shares.

The deal still requires approval from Canadian regulators including the Competition Bureau and the CRTC.

Innovation, Science and Economic Development Canada is also reviewing the agreement.

The proposed deal has faced stiff opposition from consumer groups, academics, customers, and others since Rogers and Shaw announced their agreement earlier this year.

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As part of the transaction, the companies said Rogers will invest $2.5 billion in 5G networks over the next five years across Western Canada.

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