On April 4, 2025, Rogers Communications Inc. announced a definitive agreement to sell a 49.9 percent equity interest in its wireless infrastructure business to a consortium led by Blackstone Inc. for $7 billion. The consortium includes four of Canada's largest pension funds: Canada Pension Plan Investment Board (CPP Investments), Caisse de dépôt et placement du Québec (CDPQ), Public Sector Pension Investment Board (PSP Investments), and British Columbia Investment Management Corp. (BCI).

Despite selling nearly half of the business, Rogers retained a 50.1 percent equity stake and an 80 percent voting interest, ensuring control of the new entity. The Blackstone-led group will hold a 20 percent voting interest. The structure was designed to address national security and regulatory concerns surrounding foreign influence over telecom infrastructure.

The deal, expected to close in Q2 2025, is projected to reduce Rogers’ debt-to-EBITDA ratio by approximately 0.7x, from 4.5x at year-end 2024. It follows Rogers’ high-profile $20-billion acquisition of Shaw Communications in 2023 and its pending $4.7-billion purchase of BCE Inc.'s stake in Maple Leaf Sports & Entertainment.

Rogers plans to use the proceeds to reduce borrowings and enhance its investment-grade balance sheet. Credit agencies are expected to treat the consortium’s investment as equity. The consortium is also expected to receive around $400 million annually from the wireless business for five years.