Rogers Communications announced the sale of all of its shares of Cogeco to Caisse de dépôt et placement du Québec in a private transaction for $829 million.
“This sale further demonstrates our commitment to strengthen our investment grade balance sheet and aggressively reduce our debt leverage ratio,” said Tony Staffieri, President and Chief Executive Officer, Rogers. “We’re tracking six months ahead on our deleveraging priorities and we’re committed to reducing our debt leverage ratio even further.”
Accelerates Deleveraging Plans
With the sale of these Cogeco shares, the Company expects to achieve a debt leverage ratio of 4.7x by year end, compared to the expected 4.8x at year end announced on the release of its third quarter results. The Company’s debt leverage ratio was 4.9x at the end of Q3. Today’s sale proceeds are in addition to the previously announced divestiture of $1 billion in non-core assets, predominantly real estate, that is expected to be completed in 2024.