Shaw Communications Inc. Completes the Sale of Via
Post# of 617763
CALGARY, ALBERTA--(Marketwired - Aug. 1, 2017) - Shaw Communications Inc. ("Shaw") announced today that it has completed the previously announced sale of its wholly-owned subsidiary, ViaWest, Inc. ("ViaWest") to GI Partners portfolio company Peak 10 Holding Corporation ("Peak 10") for US$1.675 billion (the "Transaction").
Proceeds from the Transaction were used for the repayment of ViaWest level indebtedness, repayment of Shaw credit facility borrowings associated with the original ViaWest investment and subsequent INetU acquisition as well as the previously announced closing of the spectrum purchase from Quebecor on July 24, 2017, payment of estimated Transaction expenses and taxes, and addition to balance sheet cash.
"For Shaw's shareholders and customers, this is another significant milestone on our path to becoming Canada's leading connectivity provider with an attractive growth profile" said Brad Shaw, Chief Executive Officer, Shaw Communications. "We would like to personally thank Nancy, her management team, and all 600 of ViaWest's employees for their commitment, dedication, and for helping us learn, expand and create more value for our customers and shareholders. We wish them well in their new journey with Peak 10."
About Shaw Communications
Shaw Communications Inc. is an enhanced connectivity provider. Our Consumer division serves consumers with broadband Internet, Shaw Go WiFi, video and digital phone. Our Wireless division provides wireless voice and data services through an expanding and improving mobile wireless network infrastructure. The Business Network Services division provides business customers with Internet, data, WiFi, telephony and video.
Shaw is traded on the Toronto and New York stock exchanges and is included in the S&P/TSX 60 Index (TSX:SJR.B) (TSX:SJR.PR.A) (TSX:SJR.PR.B) (NYSE:SJR) and (TSX VENTURE:SJR.A). For more information, please visit www.shaw.ca .
Caution Regarding Forward-Looking Statements
Statements included in this news release that are not historic constitute forward looking statements within the meaning of applicable securities laws. These statements are based on assumptions made by Shaw that it believes are appropriate and reasonable in the circumstances. There is the risk that one or more of these assumptions will not prove to be accurate. Except as required by law, Shaw disclaims any obligation to update any forward-looking statement.
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