A group of Canadian institutional investors, led by Blackstone, has struck an agreement with Rogers Communications for a C$7 billion ($5 billion) equity investment. Blackstone will acquire a noncontrolling interest in a new Canadian subsidiary of Rogers that will own the company’s wireless backhaul transport infrastructure in Ontario and Alberta.
Following the transaction, Blackstone will hold a 49.9 percent equity interest, with a 20 percent voting interest in the subsidiary, and Rogers will hold a 50.1 percent equity interest with an 80 percent voting interest.
The investor group led by Blackstone includes Canada Pension Plan Investment Board, Caisse de dépôt et placement du Québec, the Public Sector Pension Investment Board and British Columbia Investment Management Corp.
In the future, Rogers will have the right to purchase Blackstone’s interest in the subsidiary. Rogers will maintain full operational control of its network and will include the financ
