Quebecor Media Inc. (“Quebecor”) today announced the sale of seven 2500 MHz and 700 MHz wireless spectrum licences outside Quebec, held by Videotron, to Shaw Communications Inc. (“Shaw”) for a consideration of $430 million. The sale includes three 700 MHz licences covering southern Ontario and the entirety of the provinces of Alberta and British Columbia, and four 2500 MHz licences covering the major urban centres in those provinces, namely Toronto, Edmonton, Calgary and Vancouver.

The transaction is subject to required approvals from regulatory authorities, including the Competition Bureau and Innovation, Science and Economic Development Canada.

The asset sale will enable Videotron to continue investing in the development of its network in Quebec and Eastern Ontario. Videotron is planning a substantial expansion and densification of its 4G network, the roll-out of its 5G network and the upgrading of its Internet Protocol (IP) wireline network. Those expenditures will serve to support robust competition in the wireless and wireline markets in Quebec and Eastern Ontario. In fact, since Videotron launched its mobile telephony service, competitive forces have strengthened considerably in all markets where the company is present. This has resulted in substantial price decreases for consumers.