Rogers Communications (RCI) and Shaw Communications (SJR) have extended the deadline to complete their $26 billion merger to March 31.
If approved, the deal, which was first announced two years ago, will see Rogers acquire Shaw, while Quebecor's (QBR) Videotron unit will get Shaw's Freedom Mobile wireless business.
The deal’s previous deadline was February 17 of this year, though the companies have extended the deadline on multiple occasions over the last few years.
The deal has yet to close because it is awaiting approval by federal Industry Minister François-Philippe Champagne who must sign off on the transfer of wireless spectrum licenses from Shaw to Videotron.
The companies say they are continuing to work with the federal government to secure the final approvals needed to proceed with the deal that would see Rogers absorb Shaw.
In January of this year, a Federal Court of Appeal dismissed a Competition Bureau request to block the deal, which would be one of the biggest in Canadian history.
Rogers’ stock is down 0.65% over the past year at $66.17 per share. Shaw’s stock is up 4% over the last 12 months at $39.25 a share.
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