Rogers did not sell its wireless network or give Blackstone operational control of it. The deal, announced April 4 and completed June 20, 2025, gave Blackstone-managed funds a minority interest in a subsidiary holding part of Rogers’ wireless backhaul transport infrastructure. Rogers retained control of both the subsidiary’s votes and its wider wireless network.
What did Rogers sell to Blackstone?
Rogers agreed to sell an interest in a new subsidiary that owns a portion of its wireless backhaul transport infrastructure—the connections that carry traffic between wireless sites and the rest of the network. It was not a sale of the entire Rogers wireless network. In its April 4, 2025 announcement, Rogers said it would retain full operational control of its wireless network and continue consolidating the subsidiary’s financial results.
The ownership split distinguishes the economic interest from decision-making power:
| Owner | Equity interest | Voting rights |
|---|---|---|
| Blackstone-managed funds | 49.9% | 20% |
| Rogers | 50.1% | 80% |
These percentages are from Rogers’ transaction description filed with the U.S. Securities and Exchange Commission in 2025. Blackstone’s 49.9% equity interest did not amount to majority voting control.
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How much was the deal worth?
Rogers described the investment at announcement as CDN$7 billion. The SEC-filed transaction description stated consideration of approximately US$4.85 billion. Rogers’ later annual filing reported the transaction as US$4.85 billion, equivalent to CDN$6.7 billion. The CDN$7 billion figure was the rounded announced description; the later filing’s Canadian-dollar equivalent was CDN$6.7 billion.
The agreement was announced on April 4, 2025, and Blackstone announced its completion on June 20, 2025. Its closing announcement named CPP Investments, La Caisse, PSP Investments, BCI and IMCO as members of the Blackstone-led investor group. The announcements do not establish how the investment was allocated among those investors.
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Why did Rogers make the deal?
Rogers said it planned to use the proceeds to repay debt. Its third-quarter 2025 filing later described repayments involving term loans and revolving credit facilities, as well as purchases of senior notes. The stated purpose was to reduce debt, not to transfer operating control of the wireless network.
At closing, Rogers president and CEO Tony Staffieri said the investment was intended to unlock value from assets and help the company “de-lever our balance sheet.”
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What return terms were disclosed?
Rogers’ 2026 annual filing described a five-year distribution policy intended to provide Blackstone a 7% annual return on its US-dollar investment, subject to approval by the subsidiary’s board. This is a stated policy, not evidence that a 7% return was guaranteed or realized.
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