Rogers Communications announced it has sold all of its shares in Cogeco and Cogeco Communications to Canada’s second-largest pension fund Caisse de dépôt et placement du Québec in a private deal for C$829 million ($610.68 million).
Sale proceeds of Cogeco are in addition to the previously announced divestiture of C$1 billion in non-core assets, predominantly real estate, that is expected to be completed in 2024, according to a statement.
Cogeco will then purchase from CDPQ all of its shares previously held by Rogers, for an aggregate price of C$280 million.
CDPQ will become an anchor investor in Cogeco Communications, as part of the sale.
Source: Reuters.com