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Canada's Rogers offloads Cogeco stake for $611 million to CDPQ

Reuters
·1 min read
FILE PHOTO: Corporate campus of Canadian media conglomerate Rogers Communications in Toronto

(Reuters) - Rogers Communications announced on Monday 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 (CDPQ) 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 the 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.

($1 = 1.3575 Canadian dollars)

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Krishna Chandra Eluri)