Canadian cableco Shaw Communications has agreed to pay C$225m (US$221m) for fibre-optic network operator Enmax Envision, a subsidiary of utilities company Enmax Corporation.
Envision provides high-speed data and internet services to businesses in…
Canadian cableco Shaw Communications has agreed to pay C$225m (US$221m) for fibre-optic network operator Enmax Envision, a subsidiary of utilities company Enmax Corporation.
Envision provides high-speed data and internet services to businesses in Calgary via a 735km cable network across the city.
Shaw will fund the acquisition using cash-on-hand and through its C$1bn (US$983m) five-year revolving credit facility, signed in January 2012.
CIBC World Markets was financial advisor to Shaw for the acquisition. BMO Capital Markets was financial advisor to Enmax.
Shaw’s balance sheet was boosted in January when it sold a number of assets including its spectrum licences to Rogers Communications for a total of C$700m (US$711m). At the time Shaw said the proceeds of the strategic disposals would be used to bolster its core business and improve its network, although the operator did not specifically mention acquisitions.
Commenting on the acquisition Shaw CEO Brad Shaw said: “The combination of Envision and Shaw Business will create a very competitive value proposition for Calgary’s business customers looking for leading connectivity, integrated services, and effective and responsive service.”
Family-run Shaw is headquartered in Calgary and offers fixed-line voice, internet and television services.
