Kirkland & Ellis advises Blackstone on $5.18 billion acquisition from Rogers Communications Inc

Blackstone is leading an investor group alongside four major Canadian institutional investors - Canada Pension Plan Investment Board, Caisse de depot et placement du Quebec, the Public Sector Pension Investment Board and British Columbia Investment Management Corporation - in the transaction with Rogers.
Funds managed by Blackstone and its co-investors agreed an approximately CAD 7 billion equity investment in a Rogers subsidiary formed to own the company's wireless backhaul transport infrastructure in Ontario and Alberta.
The deal has been signed definitively and is targeted to close in the second quarter of 2025, subject to the satisfaction or waiver of closing conditions.

Rogers is carving out a new Canadian subsidiary that will own a minor part of its wireless network, while retaining full operational control and continuing to consolidate the subsidiary's financial results after closing.
Blackstone and Canadian institutional investors are making a CAD 7 billion equity investment, with Blackstone acquiring a non-controlling 49.9% equity interest and 20% voting interest in the new subsidiary.
Rogers intends to use the net proceeds to repay debt, and it will also have a call right to buy back Blackstone's interest at any time between the eighth and twelfth anniversaries of closing.

Blackstone is leading an investor group alongside four major Canadian institutional investors - Canada Pension Plan Investment Board, Caisse de depot et placement du Quebec, the Public Sector Pension Investment Board and British Columbia Investment Management Corporation - in the transaction with Rogers.
Funds managed by Blackstone and its co-investors agreed an approximately CAD 7 billion equity investment in a Rogers subsidiary formed to own the company's wireless backhaul transport infrastructure in Ontario and Alberta.
The deal has been signed definitively and is targeted to close in the second quarter of 2025, subject to the satisfaction or waiver of closing conditions.

Rogers is carving out a new Canadian subsidiary that will own a minor part of its wireless network, while retaining full operational control and continuing to consolidate the subsidiary's financial results after closing.
Blackstone and Canadian institutional investors are making a CAD 7 billion equity investment, with Blackstone acquiring a non-controlling 49.9% equity interest and 20% voting interest in the new subsidiary.
Rogers intends to use the net proceeds to repay debt, and it will also have a call right to buy back Blackstone's interest at any time between the eighth and twelfth anniversaries of closing.

Deal Overview