Rogers Communications Advances De-Leveraging Strategy with Cogeco Stake Sale

TORONTO, Dec. 12, 2023 – In a significant move to accelerate its de-leveraging plans, Rogers Communications Inc. RCI.A, RCI.B, RCI, a major player in the Canadian communications and media sector, has entered into a definitive agreement on December 11, 2023, to divest its entire holding of subordinate voting shares (SVS) in Cogeco Inc. CGO and Cogeco Communications Inc. CCA, CGECF, CGEAF. This strategic move involves the private sale of these shares to Caisse de dépôt et placement du Québec, a key institutional investor.

Strategic Divestment Aimed at De-Leveraging

The transaction signifies a critical step for Rogers Communications in its ongoing efforts to streamline operations and reduce debt. The divestiture will result in a substantial cash inflow for RCI and will help enhance the company's financial flexibility, thereby allowing it to concentrate more on its core business segments and invest in growth areas with a greater potential for returns.

Focused on Core Business and Operational Efficiency

Headquartered in Toronto, Rogers Communications Inc. has continually strived to optimize its asset portfolio and improve its balance sheet. The latest transaction involving the sale of Cogeco shares is directly in line with RCI's broader financial strategy. This sale not only reinforces Rogers’ commitment to prudent capital management but also highlights its focus on delivering value to shareholders and strengthening the company's position in the competitive communications and media landscape of Canada.

With this significant move, RCI underscores the importance of strategic asset management in the corporate world, especially within the highly dynamic and capital-intensive telecommunications sector. The closing of this transaction is expected to have a positive impact on the company's leverage ratios and overall financial health.

Rogers, Cogeco, Sale