Rogers sells $7bn stake in network infrastructure to reduce debt and shift strategy [Wealth Professional (Canada)]
Rogers Communication, Inc. (RCI)
Last rogers communication, inc. earnings: 4/22 07:00 am
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Source: Wealth Professional
Rogers Communications Inc. announced it is selling a minority stake in its wireless network infrastructure for $7bn as part of a shift in strategy to pay down its debt. According to BNN Bloomberg , the sale involves a “leading global financial investor” acquiring a stake in the infrastructure that transports data from Rogers' cell towers to its core network. The deal, expected to close in the fourth quarter, was disclosed alongside Rogers' third-quarter earnings. The company reported a profit of $526m in the third quarter, a significant turnaround from the loss it experienced during the same period last year. Glenn Brandt, Rogers' chief financial officer, confirmed the company will retain full operational control of its entire national wireless network. He clarified that neither Rogers' cell towers nor its spectrum holdings are part of the agreement. The $7bn received from the transaction will be used to reduce an equivalent amount of the company's debt. In addition to th
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RCI
Earnings
- 10/24/24 - Beat
RCI
Sec Filings
- 10/24/24 - Form 6-K
- 10/24/24 - Form 6-K
- 9/18/24 - Form 6-K
- RCI's page on the SEC website