Rogers Communications (TSX:RCI.A) announced late Monday that it is selling all its shares in Cogeco Inc to Caisse de dépôt et placement du Québec for $829 million to reduce its debt leverage ratio.
The Canadian telecommunications giant said it is now six months ahead of its deleveraging priorities and expects to achieve a debt leverage ratio of 4.7 times by year end, down from 4.9 times at the end of the third quarter.
Rogers noted that proceeds from the Cogeco sale are in addition to the previously announced divestiture of $1 billion in non-core assets, predominantly real estate, that is expected to be completed in 2024.
Caisse de dépôt is a global investment group managing funds for public pension and insurance plans that had net assets totaling $424 billion as of June 30.
Class B shares of Rogers Communications (TSX:RCI.A) edged 0.4% lower to $61.36 in late-morning trading on Tuesday and have fallen 4% year to date.