Rogers Communications acquires Rogers Wireless Communications Inc.'s shares

Date Closed: 10/13/2004

Value: C$1.76 billion

On October 13, 2004, Rogers Communications Inc., through a wholly owned subsidiary, acquired from JVII General Partnership, a partnership owned by AT&T Wireless Services, Inc. (AWS), 48,594,172 class B restricted voting shares of Rogers Wireless Communications Inc. (RWCI)—the publicly traded arm of Rogers’ wireless communications business—for a purchase price of approximately C$1.76 billion. These shares represented all of AWS’ shareholdings in RWCI and the acquisition increased Rogers’ equity interest in RWCI to approximately 89 per cent.

The purchase was financed, in part, by a C$1.75 billion secured bridge credit facility provided by a syndicate of Canadian financial institutions led by the Bank of Nova Scotia. At the same time, Rogers Wireless Inc., a wholly owned subsidiary of RWCI, amended the terms of its existing credit facility.

The Bank of Nova Scotia and lending syndicate were represented by BLG, with a team of James Mathers, Carlyn Klebuc and Lisa Katz Jones.