04:23 PM EDT, 06/20/2025 (MT Newswires) -- Rogers Communications (RCI-A.TO, RCI-B.TO, RCI) after close of trade Friday announced it has closed its C$7 billion equity investment, from funds managed by Blackstone, backed by major Canadian institutional investors, with proceed to be used in repaying debt.

According to a company statement, Blackstone has acquired a non-controlling interest in a new Canadian subsidiary of Rogers that owns a portion of Rogers wireless backhaul transport infrastructure. Rogers states that it is "maintaining full operational control of its network" and will include the financial results of the subsidiary in its consolidated financial statements.

President and CEO Tony Staffieri in the statement said: "With this significant investment, we are unlocking the unrecognized value of critical assets and executing on our commitment to de-lever our balance sheet."

The investor group -- led by Blackstone -- includes Canada Pension Plan Investment Board (CPP Investments), Caisse de depot et placement du Quebec (La Caisse), the Public Sector Pension Investment Board (PSP Investments), British Columbia Investment Management Corporation (BCI) and the Investment Management Corporation of Ontario (IMCO).

Rogers 'B' shares were up about 0.16% and 'A' shares up near 1% on the TSX today.