Rogers Communications last week announced it has received clearance from the Competition Bureau to proceed with its acquisition of Bell’s 37.5-per-cent stake in Maple Leaf Sports & Entertainment (MLSE).
Rogers said the two telecom giants received a “no-action letter” on Dec. 12 from the Bureau, indicating the Commissioner of Competition will not challenge Rogers’s acquisition of Bell’s interest in MLSE, a deal announced in September and valued at $4.7 billion. The acquisition is still subject to league approvals and approval from the CRTC.
MLSE owns the Toronto Maple Leafs, Toronto Raptors, Toronto FC and Toronto Argonauts, as well as Toronto-area minor league franchises and several sports facilities, including Scotiabank Arena in downtown Toronto.
“This reflects an important step in securing approvals and expanding our ownership of MLSE, one of the most prestigious sports and entertainment organizations in the world,” Tony Staffieri, Rogers president and CEO, said in a press release. “As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy.”
Upon receiving final approvals and closing the transaction, Rogers would become the majority owner of MLSE with a 75-per-cent controlling stake.
