Blackstone (BX) completes C$7 billion investment in Rogers (RCI)

Blackstone (NYSE: BX) has successfully closed its previously announced CDN$7 billion equity investment in Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI).

Under the terms of the transaction, funds managed by Blackstone Credit & Insurance (“BXCI”) and leading Canadian institutional investors have acquired a non-controlling interest in a newly established subsidiary of Rogers that owns a portion of the company’s wireless backhaul transport infrastructure.

The Blackstone-led investor group includes Canada Pension Plan Investment Board (CPP Investments), Caisse de dépôt et placement du Québec (La Caisse), the Public Sector Pension Investment Board (PSP Investments), British Columbia Investment Management Corporation (BCI) and the Investment Management Corporation of Ontario (IMCO).

Robert Horn, Global Head of Infrastructure & Asset Based Credit at Blackstone, said: “We’re thrilled to close this transaction with Rogers to further their growth and balance sheet objectives. This is another example of Blackstone providing flexible and efficient capital solutions for the world’s leading corporations, while delivering what we believe is a highly differentiated opportunity for our investors.”

Mark Rutledge, US Head of Infrastructure Services at Blackstone Credit & Insurance, added: “Rogers’ backhaul network is positioned to enable the powerful megatrends we see in mobile data usage. We are excited to support Rogers in its next phase of investment and growth.”

BXCI’s Infrastructure and Asset Based Credit platform manages over $90 billion and has over 70 investment professionals, among the largest in the asset-backed marketplace.

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