Rogers Communications announced a CDN$7 billion equity investment agreement with Blackstone and Canadian institutional investors.
Blackstone will acquire a 49.9 percent non-controlling equity stake (20 percent voting interest) in a new Rogers subsidiary that will own a minor part of the wireless network, while Rogers retains operational control and majority ownership.
The proceeds will be used to repay debt and strengthen Rogers’ balance sheet. The deal is expected to reduce leverage, with the subsidiary distributing up to CDN$0.4 billion annually to Blackstone in the first five years. The transaction is set to close in Q2 2025.
Rogers Communications was recognized as Canada’s most reliable 5G network by umlaut for the sixth consecutive year and as the most reliable wireless and Internet provider by Opensignal in July 2024. The company completed Canada’s first national live trial of 5G network slicing and began deploying 3800 MHz spectrum licences to further expand its 5G capabilities. In a DOCSIS 4.0 modem technology trial, Rogers delivered speeds of 4 Gbps for downloads and 1 Gbps for uploads.
In addition to network advancements, Rogers signed major content deals with Warner Bros. Discovery and NBCUniversal to bring popular lifestyle and entertainment brands to Canada, launching Bravo, HGTV, Food Network, Discovery, and other channels on January 1, 2025.
A ten-year agreement with Comcast will introduce Xfinity products to Canadians, starting with Rogers Xfinity Streaming and Storm-Ready WiFi, the country’s first home Internet backup solution. The company also launched a program to help newcomers build credit and finance smartphones in partnership with Nova Credit, and expanded Rogers 5G Home Internet across its wireless coverage area.
Rogers invested a record $4 billion in capital expenditures, primarily focused on enhancing its networks. It also became the first national carrier in Canada to have net-zero greenhouse gas emissions targets approved by the Science Based Targets initiative (SBTi).
