Shaw Communications agreed to acquire Wind Mobile in a deal worth approximately C$1.6 billion (around $1.16 billion USD). Headquartered in Calgary, Alberta, Shaw competes most directly with Telus and serves about 2.6 million cable TV, 2 million broadband Internet and 1.2 million digital telephone customers in British Columbia and Alberta, with smaller systems in Saskatchewan, Manitoba and Northern Ontario. While the acquisition awaits approval by Industry Canada and the Competition Bureau, Shaw has been working to arrange the financing necessary to complete the acquisition.
Financing the Acquisition of Wind Mobile
Shaw recently announced an agreement to sell 100% of its wholly owned broadcasting subsidiary, Shaw Media, to Toronto-based Corus Entertainment in a cash and stock deal worth C$2.65 billion. The divestiture will fund the Shaw acquisition of Wind Mobile and give the combined company a cash injection needed to invest capital in improving and expanding the Wind Mobile network.