Globalive goes directly to Shaw with its $3.75 billion bid for Freedom Mobile
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Hey there, time traveller!
This article was published 03/06/2022 (1567 days ago), so information in it may no longer be current.
TORONTO – Globalive Capital says it has gone straight to Shaw Communications Inc. with its $3.75 billion offer for wireless carrier Freedom Mobile due to a lack of engagement from Rogers Communications Inc.
Globalive founder Anthony Lacavera said in an interview Friday that Rogers has “frozen” his firm out during the sale process and believes that Rogers is ultimately looking to sell Freedom to a company that might not be all that competitive in Canada’s telecom industry.
Rogers has declined to comment on the claims made by Lacavera, and Shaw did not immediately respond to a request for comment.
The sale of Freedom is expected to be a condition of approval for Rogers’ $26 billion purchase of Shaw, although the Competition Bureau said in a filing released to the public last month that the divestiture of Freedom wouldn’t be enough to quell its concerns about the transaction.
Lacavera said Globalive made the move not long before Rogers and Shaw extended the deadline to close their transaction, now set for July 31. He said he doesn’t necessarily expect a response from Shaw before the end of July.
Rogers and Shaw have said they agreed not to close the deal until a negotiated agreement is reached with the competition watchdog, so it is possible the July 31 deadline will be further extended.
Globalive has been ramping up efforts to buy Freedom since late last year, even striking a network and spectrum sharing agreement with Telus Corp. in May as a way to boost its bid for the wireless carrier.
Lacavera argues that Globalive satisfies the federal government’s requirement for an independent and well-capitalized entity to pick up Freedom.
Freedom Mobile, formerly known as Wind Mobile, was founded by Lacavera in 2008. After financial troubles and foreign ownership challenges, Wind Mobile was sold to Shaw in 2016 and underwent a rebrand.
“In the end, if the government ensures a fair and open and transparent process for the Freedom business, we will have the best bidder win on merit and Canadians will have more competition,” he said.
This report by The Canadian Press was first published June 3, 2022.
Companies in this story: (TSX:RCI.B, TSX:SJR.B)