Rogers Communications Sells Cogeco, Cogeco Communications Stake to Quebec Pension Plan
By Adriano Marchese
Rogers Communications said Tuesday that it will sell all of its subordinate voting shares in Cogeco and Cogeco Communications to Quebec's provincial pension plan manager for 829 million Canadian dollars ($610.7 million).
The Canadian telecom major said the shares will be sold to Caisse de depot et placement du Quebec at a price of C$46.91 per Cogeco share, and C$41.40 per Cogeco Communications share. It currently owns nearly 6 million and 10.7 million shares of both, respectively.
On Monday, the shares of Cogeco and Cogeco Communications closed at C$52.12 and C$57.11, respectively.
The company said the move will help accelerate its deleveraging plans.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 12, 2023 07:41 ET (12:41 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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