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

COGECO

11/12/2023 23:21

Dec 11 (Reuters) - Rogers Communications  RCIb.TO 
announced on Monday it has sold all of its shares in Cogeco
 CGO.TO  and Cogeco Communications  CCA.TO  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)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))