Rogers’ CDN$7 Billion Equity Investment from Blackstone

On April 4, 2025, Rogers Communications Inc. (“Rogers”) announced it has entered into a definitive agreement with funds managed by Blackstone, backed by leading Canadian institutional investors, for a CDN$7 billion equity investment. Under the terms of the transaction, Blackstone will acquire a non-controlling interest in a new Canadian subsidiary of Rogers that will own a minor part of the Rogers wireless network. Following the transaction, Blackstone will hold a 49.9% equity interest (with a 20% voting interest) in the new subsidiary. Rogers will maintain full operational control of its network and will include the financial results of the new subsidiary in its consolidated financial statements. At any time between the eighth and twelfth anniversaries of closing, Rogers will have the right to purchase Blackstone’s interest in the new subsidiary. Rogers intends to use the net proceeds from the transaction to repay debt. Cravath is representing Rogers as U.S. counsel in connection with the transaction.

The Cravath team includes partners Joseph D. Zavaglia, Douglas Dolan, Michael A. Paskin, Justin C. Clarke and Lauren M. Rosenberg, of counsel D. Ana Choi and associates Kathryn Kennedy Bleday, Steven T. Marzagalli, Jamie H. Lee, Ruth Goldstein Schapiro and Andrew T. Connery.