Blackstone Inc. has completed its previously announced CAD$7-billion (US$5.07 billion) equity investment in a newly formed subsidiary of Rogers Communications Inc.
The subsidiary holds a portion of Rogers’ wireless backhaul transport infrastructure, which supports the transmission of data between cellular towers and core network facilities.
The transaction involves the sale of a non-controlling interest and was executed through funds managed by Blackstone Credit & Insurance (BXCI). Several major Canadian institutional investors participated in the deal, including Canada Pension Plan Investment Board (CPP Investments), Caisse de dépôt et placement du Québec (CDPQ), Public Sector Pension Investment Board (PSP Investments), British Columbia Investment Management Corporation (BCI), and the Investment Management Corporation of Ontario (IMCO).
According to Rogers, the transaction structure allows the company to retain operational control of the assets while unlocking capital that can be used to support other strategic priorities. The company has previously indicated that proceeds from the deal would be used to reduce debt and invest in network expansion, particularly following its acquisition of Shaw Communications in 2023.
Robert Horn, global head of infrastructure and asset-based credit at Blackstone, said the investment aligns with Rogers’ balance sheet and growth objectives.
“This is another example of Blackstone providing flexible and efficient capital solutions for the world’s leading corporations, while delivering what we believe is a highly differentiated opportunity for our investors,” Horn said in a statement.
Mark Rutledge, US head of infrastructure services at BXCI, noted the role of wireless backhaul in supporting increased mobile data traffic. “We are excited to support Rogers in its next phase of investment and growth,” Rutledge said.
BXCI manages over $90 billion in assets and employs more than 70 professionals focused on infrastructure and asset-based credit strategies. The firm has been active in sectors including telecommunications, transportation, and energy infrastructure.
The investment reflects a growing trend of institutional capital flowing into digital infrastructure, which is viewed by investors as a long-term, cash-generating asset class. For Rogers, the transaction provides additional flexibility as it continues to compete in Canada’s evolving telecommunications landscape.
