Shaw shareholders vote in favour of Rogers’ takeover offer

The deal is still subject to regulatory approval

Shaw Communications shareholders have voted in favour of Rogers’ proposed takeover offer valued at $26 billion.

The deal still requires regulatory approval from the Competition Bureau, the CRTC and the department of Innovation, Science and Economic Development Canada.

“I want to thank Shaw shareholders for voting in favour of a combined company that will have the scale and capabilities to achieve these goals,” said Rogers CEO Joe Natale in a statement to MobileSyrup.

“As we look to the future, we stand ready to make generational investments in networks and technology that will benefit all Canadians by bridging the rural and remote connectivity gaps, creating jobs, fuelling innovation, and driving economic growth.”

As part of the investment, Rogers says it will invest $2.5 billion in 5G networks over the next five years across Western Canada. The carrier has also committed to creating a new $1 billion Rural and Indigenous Connectivity Fund.

The two carriers appeared before the Industry, Science and Technology Committee on March 29th and testified that the merger will increase competition and advance 5G deployment across the country.

Industry experts and academics have argued that the deal will lead to less competition within the wireless market and higher prices for consumers.

Rogers and Shaw announced the proposed acquisition on March 15th and expect the transaction to close in the first half of 2022.