• The consortium includes CPP Investments, CDPQ, PSP Investments and BCI
• Under the terms of the deal, Blackstone will acquire a non-controlling interest in a new Canadian subsidiary of Rogers that will own a minor part of Rogers wireless network
• Rogers will maintain full operational control of it's wireless network

A consortium led by Blackstone has agreed to make a C$7 billion ($4.9 billion) equity investment in Rogers Communications, a Canadian communications and entertainment company.

Following the deal, Blackstone will hold a 49.9 percent equity stake with a 20 percent voting interest, in the subsidiary and Rogers will hold a 50.1 percent equity interest, with an 80 percent voting interest. At any time between the 8th and 12th anniversaries of closing, Rogers will have the right to purchase Blackstone in the first five years post-closing.

"This transaction will strengthen the company's investment grade balance sheet by reducing our borrowings and unlocking the unrecognized value of critical assets," said Glenn Brandt, CFO at Rogers.

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