(Reuters) – Non-public fairness agency Blackstone (NYSE:) Inc is bidding C$7 billion ($5.03 billion) for a minority stake in telecom and media firm Rogers (NYSE:) Communications’s cellphone infrastructure enterprise, the Globe and Mail reported on Wednesday.
Final week, the Canadian firm Rogers introduced the deal, which might reduce its debt burdens, however didn’t disclose the identify of the investor.
Below the deal, Rogers will promote a minority fairness curiosity in a portion of its wi-fi backhaul transport infrastructure, the corporate mentioned earlier.
Blackstone didn’t instantly reply to a Reuters request for a remark and Rogers declined to remark.
Rogers missed its third-quarter income estimates this month as lower-than-expected wi-fi subscribers additions offset its greater sports-related income.
($1 = 1.3906 Canadian {dollars})