Rogers, Shaw and Quebecor Announce Agreement for Sale of Freedom Mobile

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The proposed divestiture of Freedom Cell to Quebecor will make sure the presence and viability of a powerful fourth wi-fi provider in Canada

Quebecor brings an plain operational and aggressive observe report, in addition to important monetary sources

TORONTO and CALGARY, Alberta and MONTREAL, June 17, 2022 (GLOBE NEWSWIRE) — Rogers Communications Inc. (“Rogers”), Shaw Communications Inc. (“Shaw”) and Quebecor Inc. (“Quebecor”) right now introduced an settlement (the “Divestiture Settlement”) for the sale of Freedom Cell Inc. (“Freedom”) to Quebecor, topic to regulatory approval (the “Freedom Transaction”). The Freedom Transaction will make sure the presence of a powerful and sustainable fourth wi-fi provider throughout Canada. The events strongly consider the settlement successfully addresses the considerations raised by the Commissioner of Competitors and the Minister of Innovation, Science and Business concerning viable and sustainable wi-fi competitors in Canada.

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Below the phrases of the Divestiture Settlement, Quebecor has agreed to purchase Freedom on a cash-free, debt-free foundation at an enterprise worth of C$2.85 billion, increasing Quebecor’s wi-fi operations nationally. The Divestiture Settlement supplies for the sale of all of Freedom branded wi-fi and Web prospects in addition to all of Freedom’s infrastructure, spectrum and retail areas. It additionally features a long-term endeavor by Shaw and Rogers to supply Quebecor transport providers (together with backhaul and spine) and roaming providers. The events will work expeditiously and in good religion to finalize definitive documentation.

As Freedom’s new proprietor, Quebecor will deliver a powerful operational observe report, a historical past of competing vigorously and efficiently in telecommunications providers, together with its wi-fi manufacturers in Quebec and Jap Ontario, and important monetary and spectrum sources to allow an expedient path to the following evolution of 5G know-how for Freedom.

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“Our settlement with Quebecor to divest Freedom is a essential step in the direction of finishing our proposed merger with Shaw. We strongly consider the divestiture will meet the Authorities of Canada’s goal of a powerful and sustainable fourth wi-fi providers supplier,” stated Tony Staffieri, President and CEO of Rogers. “This settlement between confirmed cable and wi-fi firms will make sure the continuation of a extremely aggressive market with sturdy future investments in Canada’s world class networks. We sit up for securing the excellent regulatory approvals for our merger with Shaw in order that we will ship important long-term advantages to Canadian shoppers, companies and the financial system.”

“It is a actually Canadian-made answer that can profit all Canadians by delivering elevated competitors and selection, the following technology of telecommunications providers and enabling the transformative advantages of a mixed Rogers and Shaw. We sit up for finishing the Shaw Transaction which might make Rogers a really nationwide telecommunications supplier.” stated Edward Rogers, Chairman of Rogers Communications.

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“It is a turning level for the Canadian wi-fi market,” stated Pierre Karl Péladeau, President and CEO of Quebecor. “Quebecor’s Videotron subsidiary is the robust 4th participant who, coupled with Freedom’s strong footprint in Ontario and Western Canada, can ship concrete advantages for all Canadians. We have now all the time believed that for there to be wholesome competitors in wi-fi providers solely a participant with a confirmed observe report can efficiently enter the market. It is a value-added transaction for all shoppers and the Canadian financial system. After fifteen years of development within the Quebec wi-fi market, we now have demonstrated our experience, our capacity to innovate and our monetary power. Now we’re taking one other step to deliver the alternatives our prospects already get pleasure from to shoppers throughout Canada.” Mr. Péladeau added that Quebecor and Rogers have all the time had a powerful relationship.This trilateral settlement with Shaw is one more instance.

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“Right now’s announcement marks an vital milestone in our daring and transformative journey to affix along with Rogers,” stated Brad Shaw, Govt Chairman and CEO of Shaw. “Since Shaw entered the wi-fi enterprise in 2016, we now have made important strides in the direction of altering the Canadian wi-fi panorama. We made a promise to Canadians that we’d enhance selection and affordability and I’m proud to say we delivered on that promise. Right now’s announcement ensures that Freedom Cell will stay a powerful competitor.”

Required Approvals

The Freedom Transaction is conditional, amongst different issues, on clearance below the Competitors Act and the approval of ISED and would shut considerably concurrently with closing of the Rogers-Shaw transaction.

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The Rogers-Shaw transaction, introduced March 15, 2021 has already been accredited by the shareholders of Shaw and the Courtroom of Queen’s Bench of Alberta, and the Canadian Radio-television and Telecommunications Fee, and stays topic to evaluation by the Competitors Bureau and the Minister of Innovation, Science and Business (ISED).

Rogers standalone monetary steering for 2022, supplied on April 20, 2022, stays unchanged.

Warning Relating to Ahead Trying Statements

This information launch contains “forward-looking statements” inside the that means of relevant securities legal guidelines, together with, with out limitation, statements concerning the phrases and circumstances of the Freedom Transaction, the anticipated advantages and results of the Freedom Transaction and the Rogers-Shaw Transaction and the timing thereof, the potential timing and anticipated receipt of the required regulatory approvals for the Freedom Transaction and the Rogers-Shaw Transaction, and the anticipated timing for closing of the Freedom Transaction and the Rogers-Shaw Transaction. Ahead-looking data could in some circumstances be recognized by phrases resembling “will”, “anticipates”, “expects”, “intends” and related expressions suggesting future occasions or future efficiency.

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We warning that each one forward-looking data is inherently topic to alter and uncertainty and that precise outcomes could differ materially from these expressed or implied by the forward-looking data. Plenty of dangers, uncertainties and different components might trigger precise outcomes and occasions to vary materially from these expressed or implied within the forward-looking data or might trigger the present aims, methods and intentions of Rogers, Shaw, or Quebecor to alter. Such dangers, uncertainties and different components embody, amongst others, the likelihood that the Freedom Transaction or the Rogers-Shaw Transaction is not going to be accomplished within the anticipated timeframe or in any respect; the failure to acquire any vital regulatory approvals in reference to the Freedom Transaction or the Rogers-Shaw Transaction within the anticipated timeframe or in any respect; the likelihood that the events won’t be able to achieve a decision with the Commissioner of Competitors or ISED concerning the Rogers-Shaw Transaction; pending or potential litigation related to the Rogers-Shaw Transaction or the Freedom Transaction, together with any listening to or continuing by or involving regulatory authorities; the failure to appreciate the anticipated advantages of the Freedom Transaction and the Rogers-Shaw Transaction within the anticipated timeframe or in any respect; and normal financial, enterprise and political circumstances. Accordingly, we warn buyers to train warning when contemplating statements containing forward-looking data and that it might be unreasonable to depend on such statements as creating authorized rights concerning the long run outcomes or plans of Rogers, Shaw or Quebecor. We can’t assure that any forward-looking data will materialize and you might be cautioned to not place undue reliance on this forward-looking data. Any forward-looking data contained on this information launch symbolize expectations as of the date of this information launch and are topic to alter after such date. A complete dialogue of different dangers that impression Rogers, Shaw and Quebecor may also be discovered of their public reviews and filings which can be found below their respective profiles on as relevant www.sedar.com and www.sec.gov.

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Ahead-looking data is supplied herein for the aim of giving details about the Freedom Transaction and the Rogers-Shaw Transaction, their anticipated timing and their anticipated advantages. Readers are cautioned that such data might not be acceptable for different functions. The completion of the Freedom Transaction and the Rogers-Shaw Transaction is topic to sure closing circumstances, termination rights and different dangers and uncertainties together with, with out limitation, regulatory approvals and, within the case of the Freedom Transaction, settlement by the events of the phrases of a definitive settlement on or earlier than July 15, 2022 or such different date as agreed by the events. There may be no assurance that such regulatory approvals can be obtained or that both the Freedom Transaction or the Rogers-Shaw Transaction will happen, or that both will happen on the phrases and circumstances described herein or beforehand introduced. The Freedom Transaction and the Rogers-Shaw Transaction could possibly be modified, restructured or terminated. There may be no assurance that the Freedom Transaction or the Rogers-Shaw Transaction can be acceptable to regulatory authorities and, if relevant, can be accomplished as a way to allow the Freedom Transaction or the Rogers-Shaw Transaction to be consummated. Lastly, there may be no assurance that the anticipated advantages of both the Freedom Transaction or the Rogers-Shaw Transaction can be achieved within the anticipated timeframe or in any respect.

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All forward-looking statements are made pursuant to the “secure harbour” provisions of the relevant Canadian and United States securities legal guidelines. Neither Rogers, Shaw nor Quebecor are below any obligation (and Rogers, Shaw and Quebecor expressly disclaim any such obligation) to replace or alter any statements containing forward-looking data, the components or assumptions underlying them, whether or not on account of new data, future occasions or in any other case, besides as required by legislation. All the forward-looking data on this information launch is certified by the cautionary statements herein.

About Rogers
Rogers is a number one Canadian know-how and media firm that gives world-class communications providers and leisure to shoppers and companies on our award-winning networks. Our founder, Ted Rogers, bought his first radio station, CHFI, in 1960. Right now, we’re devoted to offering industry-leading wi-fi, cable, sports activities, and media to thousands and thousands of consumers throughout Canada. Our shares are publicly traded on the Toronto Inventory Alternate (TSX: RCI.A and RCI.B) and on the New York Inventory Alternate (NYSE: RCI). For extra data, please go to: www.rogers.com or http://buyers.rogers.com.

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About Shaw Communications Inc.
Shaw is a number one Canadian connectivity firm. The Wireline division consists of Client and Enterprise providers. Client serves residential prospects with broadband Web, Shaw Go WiFi, video and digital cellphone. Enterprise supplies enterprise prospects with Web, knowledge, WiFi, digital cellphone, and video providers. The Wi-fi division supplies wi-fi voice and LTE knowledge providers.

Shaw is traded on the Toronto and New York inventory exchanges and is included within the S&P/TSX 60 Index (Image: TSX – SJR.B, NYSE – SJR, and TSXV – SJR.A). For extra data, please go to www.shaw.ca

About Quebecor Inc.
Quebecor, a Canadian chief in telecommunications, leisure, information media and tradition, is likely one of the best-performing built-in communications firms within the {industry}. Pushed by their dedication to ship the absolute best buyer expertise, all of Quebecor’s subsidiaries and types are differentiated by their high-quality, multiplatform, convergent services.

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Québec-based Quebecor (TSX: QBR.A, QBR.B) employs practically 10,000 individuals in Canada.

A household enterprise based in 1950, Quebecor is strongly dedicated to the group. Yearly, it actively helps greater than 400 organizations within the important fields of tradition, well being, schooling, the surroundings and entrepreneurship.

For extra data:

Rogers Communications media contact
1-844-226-1338
media@rci.rogers.com

Rogers Communications funding group contact
Paul Carpino
647-435-6470
paul.carpino@rci.rogers.com

Shaw Communications Inc. contact
Chethan Lakshman, VP, Exterior Affairs
403-930-8448
chethan.lakshman@sjrb.ca

Shaw Communications funding group contact
investor.relations@sjrb.ca 

Quebecor Inc. media contact
medias@quebecor.com

Quebecor Inc. investor relations contact
Hugues Simard, Chief Monetary Officer
hugues.simard@quebecor.com