Rogers Communications Inc. (TSX:RCI.B) entered into an agreement to acquire Shaw Hamilton Limited from Shaw Communications, Inc. (TSX:SJR.B) for CAD 400 million in cash on January 14, 2013. Under the terms of the agreement, Rogers Communications paid CAD 250 million as an upfront deposit on January 14, 2013. In a related transaction, Rogers Communications also entered into an option agreement to acquire Shaw's spectrum licenses for advanced wireless service in British Columbia, Alberta, Saskatchewan, Manitoba and Northern Ontario for CAD 50 million. Also, Shaw Communications, Inc. entered in to an agreement to acquire 33.3% partnership interest in the TVtropolis General Partnership from Rogers Communications for CAD 59 million.

The transaction is not conditional on the closing of any other transaction and remains subject to customary conditions, including applicable regulatory approvals. The transaction remains subject to the Canadian Radio-television and Telecommunications Commission and Competition Bureau approvals. The transaction is expected to close in the first half of 2013. Shaw Communications will use the net proceeds from the transactions to accelerate various strategic capital investments in its core business as well as for general corporate purposes, with majority of the proceeds to be reinvested back into the business. TD Securities Inc. acted as the financial advisor to Shaw Communications in connection with the transactions and Davies Ward Phillips & Vineberg LLP acted as the legal advisor for Shaw Communications. Paul Collins, Michael Kilby and Michael Laskey of Stikeman Elliott LLP acted as legal advisors to Rogers Communications in the transaction. Laurence Dunbar, Scott Prescott and Stephen Whitehead and Leslie Milton from Fasken Martineau DuMoulin LLP acted as the legal advisors to Rogers Communications Inc.