Quebecor signs definitive agreement to acquire Freedom Mobile

Quebecor signs definitive agreement to acquire Freedom Mobile

Rogers, Shaw and Quebecor announced Friday morning that they have reached a definitive agreement to sell Freedom Mobile to Quebecor subsidiary Videotron, allowing it to develop cellphone service in Ontario and western Canada.

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In a joint statement released Friday, the companies said that this definitive agreement is substantially consistent with the terms announced on June 17.

“We are very pleased with this agreement and look forward to further developing Freedom’s assets,” said Pierre Karl Péladeau, President and CEO of Quebecor.

Shaw-owned Freedom Mobile had to be sold because the Competition Bureau of Canada blocked Rogers’ acquisition of Shaw last May.

“This agreement with Quebecor brings us closer to completing the merger with Shaw,” said Tony Staffieri, President and CEO of Rogers. We strongly believe that the sale of Freedom to Quebecor addresses the concerns of the Competition Commissioner and Minister for Innovation, Science and Industry.”

The amount of the acquisition completed by Quebecor with Rogers Communications and Shaw Communication is estimated at $2.85 billion, according to the three companies.