Québecor joins conversation to acquire Freedom Mobile

Rogers must sell Freedom Mobile to gain regulatory approval

Québecor Inc., a company previously discluded from discussions to acquire Freedom Mobile, has been asked to join the conversation.

According to the Globe and Mail, bankers representing Rogers have reached out to their counterparts at Québecor.

The Globe and Mail previously reported Rogers presented Xplornet as the company to acquire Freedom Mobile and introduced an offer to the federal government.

Stonepeak Infrastructure Partners owns Xplornet, and the publication reported representatives met with the Competition Bureau. However, the regulator has not rejected Xplornet’s proposal at this time.

In more recent developments, Rogers and Shaw say they will be opposing an application from the Commissioner of Competition that disputes the merger of the two companies.

In a joint press release, they state the roughly $26 billion deal is the best option for Canadians.

“Rogers and Shaw remain committed to the transaction, which is in the best interests of Canada and Canadians because of the significant long-term benefits it will bring for consumers, businesses and the economy.”

The release says the companies are addressing concerns the merger will have on the wireless market by selling Freedom Mobile.

The Competition Bureau is one of three federal avenues Rogers must get approval from before the transaction is approved. The company still needs approval from Innovation, Science and Economic Development Canada. The transaction has received the green light from the Canadian Radio-television and Telecommunications Commission.

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Source: Globe and Mail and Rogers