Sources revealed that Blackstone Group (BX.US) is about to reach an agreement to acquire a minority stake in Rogers Communications' (RCI.US) wireless infrastructure for 7 billion Canadian dollars (approximately 5 billion US dollars).
The Zhìtōng Financial APP learned that, according to sources, Blackstone Group (BX.US) is about to reach an agreement to acquire a minority stake in Rogers Communications' (RCI.US) wireless infrastructure for 7 billion Canadian dollars (approximately 5 billion US dollars).
As Rogers seeks to acquire 37.5% equity in Maple Leaf Sports & Entertainment Ltd. from BCE Inc., this structural equity trade will help the company to control its debt burden.
Rogers CEO Tony Staffieri earlier this month stated that selling shares of the wireless backhaul infrastructure will help the company repay debt while retaining full operational control of its network. He described this deal as the first of its kind signed between Canada and a leading global financial institution.
Representatives of Blackstone and Rogers both declined to comment.