Calgary's Shaw family is backing the merger deal spearheaded by the Rogers family of Toronto.The deal, pending regulatory and shareholder approvals, will combine Canada's two biggest wireless phone and cable giants as the country heads towards a 5G rollout.
As part of the deal, Rogers will purchase Shaw class A shares and class B shares for CAN$40.50 each, which represents a 70 percent premium to Shaw's class B share price. The Shaw Family Trust, which represents Calgary's Shaw family and the controlling shareholder of Shaw Communications, has agreed to vote in favor of the merger deal.
The transaction includes around CAN$6 billion of debt to be taken on by Rogers Communications, which is controlled by the Rogers family of Toronto.
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