(Bloomberg) -- Blackstone Inc. is close to a C$7 billion ($5 billion) agreement to buy a minority stake in parts of Rogers Communications Inc.’s wireless infrastructure, according to a person familiar with the matter.
The structured-equity transaction will help keep Rogers’ debt load under control as it seeks to buy a 37.5% stake in Maple Leaf Sports & Entertainment Ltd. from BCE Inc.
Tony Staffieri, Rogers’ chief executive officer, said earlier this month that selling a stake in parts of its wireless backhaul infrastructure will help the company pay down debt while retaining full operational control of its network. He described the deal as “first-of-its kind” in Canada, signed with a leading global financial investor.
Representatives of both Blackstone and Rogers declined to comment. The identity of the investor was first reported by the Globe and Mail.
(Updates with Blackstone declining to comment in fourth paragraph.)
©2024 Bloomberg L.P.