These are top 10 stocks traded on the Robinhood UK platform in July
NEW YORK - Blackstone (NYSE: BX) has completed its CDN$7 billion equity investment in Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI), according to a press release statement. Rogers, with a market capitalization of $16.4 billion and annual revenue of $14.4 billion, has maintained a strong market presence with an attractive 5.3% dividend yield.
The transaction involves funds managed by Blackstone Credit & Insurance (BXCI) and several Canadian institutional investors acquiring a non-controlling stake in a newly formed Rogers subsidiary that owns a portion of the company’s wireless backhaul transport infrastructure.
The Canadian investor group includes Canada Pension Plan Investment Board, Caisse de dépôt et placement du Québec, Public Sector Pension Investment Board, British Columbia Investment Management Corporation, and the Investment Management Corporation of Ontario.
"This is another example of Blackstone providing flexible and efficient capital solutions for the world’s leading corporations," said Robert Horn, Global Head of Infrastructure & Asset Based Credit at Blackstone.
Mark Rutledge, US Head of Infrastructure Services at Blackstone Credit & Insurance, noted that Rogers’ backhaul network is "positioned to enable the powerful megatrends we see in mobile data usage."
The investment comes from BXCI’s Infrastructure and Asset Based Credit platform, which manages over $90 billion and employs more than 70 investment professionals.
The transaction was previously announced and has now formally closed. The deal structure maintains Rogers’ operational control while providing the company with significant capital from the investor consortium. InvestingPro analysis indicates Rogers is currently trading below its Fair Value, with additional metrics and detailed insights available in the comprehensive Pro Research Report, part of the coverage of 1,400+ top US stocks.
In other recent news, Rogers Communications has reported steady growth in its Q1 2023 earnings, with service revenue and adjusted EBITDA both increasing by 2% year-over-year. The company’s wireless service revenue also rose by 2%, attributed to subscriber growth, while free cash flow remained stable at $586 million. Meanwhile, Rogers has received the necessary regulatory approval from the Canadian Radio-television and Telecommunications Commission to acquire Bell’s stake in the Toronto Raptors Network, a move that will make Rogers a 75% owner of Maple Leaf Sports & Entertainment. This acquisition, valued at C$4.7 billion, aligns with Rogers’ strategic focus on live sports and entertainment.
Additionally, at its recent Annual General Meeting, Rogers confirmed the re-election of all nominated directors and the approval of its auditors, signaling continuity in its strategic direction. Analyst firms have not reported any recent upgrades or downgrades for Rogers. Furthermore, the company launched its Rogers XFINITY campaign, introducing high-speed internet in select areas, and was recognized for having the most reliable 5G wireless network for the seventh consecutive year. Rogers continues to explore opportunities with its sports assets, including potential investments from institutional investors, as it seeks to surface value from these holdings.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.