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Firms are working to safe last approval of transactions
CALGARY and TORONTO and MONTREAL, Jan. 24, 2023 (GLOBE NEWSWIRE) — Rogers Communications Inc., Shaw Communications Inc., and Quebecor Inc. right now supplied the next assertion on the choice by the Federal Court docket of Enchantment.
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“We welcome this clear, unequivocal, and unanimous resolution by the Federal Court docket of Enchantment. We proceed to work with Innovation, Science and Financial Improvement Canada to safe the ultimate approval wanted to shut the pro-competitive transactions and create a stronger fourth wi-fi provider in Canada and a extra formidable wireline competitor.”
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Transactions Replace
In a ruling from the bench, the Court docket dismissed the enchantment by the Commissioner of Competitors (the “Commissioner”) of the December 31, 2022, resolution of the Competitors Tribunal. The Tribunal rejected the Commissioner’s problem of the proposed acquisition of Freedom Cellular by Videotron Ltd., a completely owned subsidiary of Quebecor Inc., and the following mixture of Rogers and Shaw (“the Transactions”).
The Honourable François-Philippe Champagne, Minister of Innovation, Science and Trade, should approve spectrum license transfers from Shaw to Videotron – in reference to the proposed acquisition of Freedom Cellular by Videotron – earlier than the mix of Rogers and Shaw can proceed.
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Along with the choices of the Federal Court docket of Enchantment and the Competitors Tribunal, the Rogers mixture with Shaw has already been permitted by the shareholders of Shaw and the Court docket of King’s Bench of Alberta, and the switch of Shaw’s broadcasting licences to Rogers has been permitted by the Canadian Radio-television and Telecommunications Fee.
The Transactions are topic to customary closing situations.
Warning Relating to Ahead Wanting Statements
This information launch contains “forward-looking statements” inside the that means of relevant securities legal guidelines, together with, with out limitation, statements about excellent regulatory approvals and the anticipated completion of each the sale of Freedom to Videotron (the “Freedom Transaction”) and the Rogers-Shaw merger. Ahead-looking data could in some circumstances be recognized by phrases comparable to “will”, “anticipates”, “believes”, “expects”, “intends” and comparable expressions suggesting future occasions or future efficiency.
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We warning that every one forward-looking data is inherently topic to vary and uncertainty and that precise outcomes could differ materially from these expressed or implied by the forward- trying data. Quite a lot of dangers, uncertainties and different elements may trigger precise outcomes and occasions to vary materially from these expressed or implied within the forward-looking data or may trigger the present goals, methods and intentions of Rogers, Shaw or Quebecor to vary. Such dangers, uncertainties and different elements embody, amongst others, the likelihood that the Freedom Transaction or the Rogers-Shaw merger is not going to be accomplished within the anticipated timeframe or in any respect; the failure to acquire any essential regulatory approvals and clearances in reference to the Freedom Transaction within the anticipated timeframe or in any respect; the likelihood that the events will be unable to achieve a decision with the Minister of Innovation, Science and Trade concerning the Freedom Transaction; the end result and timing of potential litigation or regulatory proceedings related to the Rogers-Shaw merger or the Freedom Transaction, together with any appeals from the choice rendered by the Federal Court docket of Enchantment; the lack to understand the anticipated advantages of the Freedom transaction and the Rogers-Shaw merger within the anticipated time-frame or in any respect; and common financial, business and political situations. Accordingly, we warn buyers to train warning when contemplating statements containing forward-looking data and that it might be unreasonable to depend on such statements as creating authorized rights concerning the longer term outcomes or plans of Rogers, Shaw or Quebecor. We can not assure that any forward-looking data will materialize and you’re cautioned to not place undue reliance on this forward-looking data. Any forward-looking data contained on this information launch symbolize expectations as of the date of this information launch and are topic to vary after such date. A complete dialogue of different dangers that influence every of Rogers, Shaw or Quebecor may also be present in its public experiences and filings, which can be found underneath their respective profiles, as relevant, at www.sedar.com and www.sec.gov.
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Ahead-looking data is supplied herein for the aim of giving details about the Freedom Transaction and the Rogers-Shaw merger, their anticipated timing and their anticipated advantages. Readers are cautioned that such data might not be applicable for different functions. The completion of the Freedom Transaction and the Rogers-Shaw merger is topic to sure closing situations, termination rights and different dangers and uncertainties. There could be no assurance that such closing situations might be happy (together with approval of the Minister of Innovation, Science and Trade), or that the Freedom Transaction or the Rogers-Shaw merger will happen on the phrases and situations described herein or beforehand introduced. The Freedom Transaction and the Rogers-Shaw merger might be modified, restructured or terminated. There may also be no assurance that the skin date of the Rogers-Shaw merger might be additional prolonged by the events, or that the skin date of the Freedom Transaction might be prolonged by the events to the extent essential to allow closing of both transaction to happen. Lastly, no assurance could be on condition that the anticipated advantages of the Freedom Transaction or of the Rogers-Shaw merger might be delivered within the anticipated timeframe or in any respect.
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All forward-looking statements are made pursuant to the “secure harbour” provisions of the relevant Canadian and United States securities legal guidelines. None of Rogers, Shaw or Quebecor is underneath any obligation (and every of Rogers, Shaw and Quebecor expressly disclaims any such obligation) to replace or alter any statements containing forward-looking data, the elements or assumptions underlying them, whether or not on account of new data, future occasions or in any other case, besides as required by legislation. All the forward-looking data on this information launch is certified by the cautionary statements herein.
About Shaw Communications Inc.
Shaw is a number one Canadian connectivity firm. The Wireline division consists of Shopper and Enterprise providers. Shopper serves residential clients with broadband Web, video and digital cellphone. Enterprise gives enterprise clients with Web, information, WiFi, digital cellphone, and video providers. The Wi-fi division gives wi-fi voice and LTE information providers.
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Shaw is traded on the Toronto and New York inventory exchanges and is included within the S&P/TSX 60 Index (Image: TSX – SJR.B, NYSE – SJR, and TSXV – SJR.A). For extra data, please go to www.shaw.ca.
About Rogers Communications Inc.
Rogers is a number one Canadian know-how and media firm that gives communications providers and leisure to shoppers and companies. Rogers shares are publicly traded on the Toronto Inventory Alternate (TSX: RCI.A and RCI.B) and on the New York Inventory Alternate (NYSE: RCI). For extra data, please go to: rogers.com or buyers.rogers.com.
About Quebecor Inc.
Quebecor, a Canadian chief in telecommunications, leisure, information media and tradition, is among the best-performing built-in communications corporations within the trade. Pushed by their dedication to ship the absolute best buyer expertise, all of Quebecor’s subsidiaries and types are differentiated by their high-quality, multiplatform, convergent services.
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Québec-based Quebecor (TSX: QBR.A, QBR.B) employs practically 10,000 individuals in Canada.
A household enterprise based in 1950, Quebecor is strongly dedicated to the neighborhood. Yearly, it actively helps greater than 400 organizations within the important fields of tradition, well being, schooling, the surroundings and entrepreneurship.
For extra data:
Shaw Media contact
Chethan Lakshman, VP, Exterior Affairs
403-930-8448
chethan.lakshman@sjrb.ca
Shaw Investor Relations contact
investor.relations@sjrb.ca
Rogers Media contact
media@rci.rogers.com
1-844-226-1338
Rogers Investor Relations contact
investor.relations@rci.rogers.com
1-(844)-801-4792
Quebecor Inc. media contact
medias@quebecor.com
Quebecor Inc. Investor Relations contact
Hugues Simard, Chief Monetary Officer
hugues.simard@quebecor.com
