Canada's Globalive offers $2.9 billion to buy Freedom Mobile – The Globe And Mail

The Shaw Communications logo is seen at their office in Calgary, Alberta, Canada, April 17, 2019. REUTERS/Chris Wattie

(Reuters) – Canadian investment firm Globalive Capital Inc has offered to buy Shaw Communications Inc’s wireless telecoms unit Freedom Mobile for C$3.75 billion ($2.94 billion) in cash, The Globe and Mail reported on Tuesday, citing a source.

The report comes as Rogers Communications Inc seeks regulatory approval for its C$20 billion takeover deal with Calgary-based Shaw, which was announced last March.

Earlier this month, Canada’s industry minister, François-Philippe Champagne, said he would not permit the wholesale transfer of Shaw’s wireless licenses to Rogers as part of a buyout bid for Shaw.

Globalive Chairman Anthony Lacavera said in a statement that he had previously expressed interest in Freedom Mobile publicly, and had no further comment when contacted by Reuters.

Lacavera sold wireless business Wind Mobile to Shaw in 2016 for C$1.6 billion, which was rebranded as Freedom Mobile.

Freedom Mobile, Shaw and Rogers did not immediately respond to Reuters’ requests for comment.

The all-cash offer to acquire Freedom Mobile’s wireless licenses, customer accounts, cellphone towers and stores was presented to Rogers last week, the report said.

The financing for the deal would be provided by a group of investors led by Twin Point Capital and Baupost Group, the report added.

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