NEW YORK-Bucking the spin-off and tracking stock trend among telecommunications companies, Rogers Communications Inc., Toronto, plans to take Rogers Wireless Communications Inc. private by buying back the 48-percent stake that is now publicly traded as Class B restricted voting shares.
Rogers Wireless, which is Canada’s largest wireless communications operator, does business under the Rogers AT&T Wireless brand. It provides PCS, cellular, paging, two-way messaging and wireless data services to about 3 million customers.
Upon completion of the transaction, Rogers Communications and JV II will wholly own Rogers Wireless, which is a 50: 50 partnership between AT&T Wireless Services Inc. and British Telecommunications plc.
“We believe this proposal represents a significant opportunity for RWCI shareholders,” said Edward S. “Ted” Rogers, president and chief executive officer of Rogers Communications, in the announcement issued June 12.
“RWCI shareholders will be able to continue to participate through Rogers Communications in RWCI’s wireless operations and in the other Roger companies … (and) will also benefit from the increased liquidity in Rogers Communications Class B non-voting shares.”
The transaction is subject to shareholder and regulatory approvals.
