08:29 AM EDT, 10/31/2024 (MT Newswires) -- Blackstone Inc. is close to a C$7 billion ($5 billion) agreement to buy a minority stake in parts of Rogers Communications Inc.'s wireless infrastructure, according to a person familiar with the matter, Bloomberg is reporting Thursday.

It said the structured-equity transaction will help keep Rogers' debt load under control as it seeks to buy a 37.5% stake in Maple Leaf Sports & Entertainment Ltd. from BCE Inc.

Tony Staffieri, Rogers' chief executive officer, said earlier this month that selling a stake in parts of its wireless backhaul infrastructure will help the company pay down debt while retaining full operational control of its network. He described the deal as "first-of-its kind" in Canada, signed with a leading global financial investor.

Representatives of both Blackstone and Rogers declined to comment. The identity of the investor was first reported by the Globe and Mail.

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