Rogers Accelerates De-Leveraging Plans With Private Sale of Cogeco Shares

On December 11, 2023, Rogers Communications Inc. (TSX: RCI.A and RCI.B) (NYSE: RCI) (“RCI”) agreed to sell all of the subordinate voting shares (“SVS”) of Cogeco Inc. (“CGO”) and of Cogeco Communications Inc. (“CCA”) owned by it to Caisse de dépôt et placement du Québec (“CDPQ”) in a private transaction for an aggregate purchase price of approximately $829 million.

The shares will be sold for cash at a price of $46.91 per SVS of CGO and $51.40 per SVS of CCA pursuant to a share purchase agreement between RCI and CDPQ. Immediately prior to the sale, RCI will own 5,969,390 SVS of CGO and 10,687,925 SVS of CCA, representing approximately 42.6% of the outstanding CGO SVS and approximately 37.1% of the outstanding CCA SVS, respectively. Following the sale, RCI will own no SVS of CGO or CCA.

Early warning reports for each of the above sales will be filed under the profiles of CGO and CCA, respectively, on SEDAR+ at www.sedarplus.ca and may also be obtained by contacting the person named below. RCI’s address is 333 Bloor Street East, 10th Floor, Toronto, Ontario, M4W 1G9. The head office of each of CGO and CCA is located at 1 Place Ville Marie, Suite 3301, Montréal, Québec, H3B 3N2.

About Rogers Communications Inc.Rogers is Canada’s leading wireless, cable and media company that provides connectivity and entertainment to Canadian consumers and businesses across the country. RCI’s shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

For more information:

Rogers Communications media contactSarah [e-mail]

Rogers Communications investment community contactPaul [e-mail]