MONTREAL and CALGARY – Quebecor said Monday that it has finalized the sale of seven wireless spectrum licences outside of Quebec to Shaw after receiving regulatory approval from both the Competition Bureau and Innovation, Science and Economic Development Canada.
The $430 million cash deal, first announced in June, includes three 700 MHz licences covering southern Ontario and the entirety of Alberta and British Columbia, and four 2500 MHz licences covering Toronto, Edmonton, Calgary and Vancouver, all originally held by Quebecor-owned Videotron.
The proceeds will enable Videotron to continue investing in the development of its network in Quebec and Eastern Ontario, Quebecor added.
Shaw said that the deal was funded using a combination of cash on hand and its existing credit facility.
"This is an important incremental step in our evolution as an enhanced connectivity provider. We are excited about improving our wireless capabilities and putting this spectrum to use for the benefit of Canadians," said Shaw Communications CEO Brad Shaw, in a separate statement Monday. "The addition of this spectrum enhances our ability to offer higher quality wireless experiences, and choice, to more Canadians."
