MONTREAL and TORONTO – Videotron has sold its AWS-1 spectrum licence in the Greater Toronto region to Rogers Communications for approximately $184 million, pursuant to the transfer option held by Videotron since 2013.
Innovation, Science and Economic Development (ISED) approved the transfer on Friday, and Videotron parent Quebecor said the transaction is expected to close within the next few days.
The proceeds of the deal will assist in funding Videotron's ongoing network investment plans in Quebec and Eastern Ontario, continued Quebecor, which include an “aggressive” 4G network expansion and densification, an anticipated 5G network deployment and upgrades to its IP wireline network.
“These investments will contribute to further enhance competition in wireless and wireline services in Quebec and Eastern Ontario”, reads the company’s statement.
Rogers' SVP regualtory David Watt called the deal "great news for consumers".
"We'll be putting this spectrum to good use", he said in a statement. "This means more wireless capacity so our customers can stream more and more mobile video and connect with friends and family."
