CA - Shaw gains after Canadian regulator approves C$20B sale to Rogers Communications

2023-03-31 08:42:53 ET

Shaw Communications ( NYSE: SJR ) rose 2.7% in premarket trading after Canadian Industry Minister François-Philippe Champagne approved Rogers' ( NYSE: RCI ) C$20 billion takeover of Shaw. Rogers gained 2.8%.

The Canadian minister approved the acquisition at a press conference on Friday morning.

The approval comes as Friday is the "outside date" or walk date for the parties to exit or extend the transaction after it's been extended several times, including on Feb. 17.

A decision on the deal rested in the hands of Champagne, Canada's Minister of Innovation, Science and Industry, who is set to grant or deny a license to transfer Shaw's Freedom spectrum to Quebecor's ( OTCPK:QBCRF ) Vidéotron. Champagne's approval is the last real hurdle for the deal, which in late January won appeals court approval .

In late December Canada's Competition Tribunal elected not to block their proposed transaction - turning the deal's fate over to Canada's Minister of Innovation, Science and Industry.

Rogers ( RCI ) announced its agreement to acquire Shaw ( SJR ) in March 2021.

For further details see: