CALGARY — Shaw Communications has completed the sale of its wholly owned ViaWest subsidiary to GI Partners portfolio company Peak 10 Holding Corporation for US$1.675 billion, the company announced on Aug. 1.
ViaWest provides hybrid IT solutions, including colocation, cloud computing and security and compliance for North American enterprises.
Proceeds from the transaction were used for the repayment of ViaWest level indebtedness, repayment of Shaw credit facility borrowings associated with the original ViaWest investment in 2014 and subsequent INetU acquisition in 2015, as well as the previously announced closing of the spectrum purchase from Quebecor on July 24, 2017, payment of estimated transaction expenses and taxes, and addition to balance sheet cash.
“For Shaw’s shareholders and customers, this is another significant milestone on our path to becoming Canada’s leading connectivity provider with an attractive growth profile,” said Brad Shaw, CEO of Shaw Communications, in a press release. “We would like to personally thank Nancy (Phillips, president and CEO of ViaWest), her management team, and all 600 of ViaWest’s employees for their commitment, dedication, and for helping us learn, expand and create more value for our customers and shareholders. We wish them well in their new journey with Peak 10.”
