(Reuters) - Rogers Communications ( RCIAF ) said on Wednesday it had signed an agreement to buy Bell's 37.5% ownership stake in Maple Leaf Sports & Entertainment (MLSE) for C$4.7 billion ($3.46 billion).

Financing for the deal will not affect Rogers' debt leverage, and it will include private investors.

The deal will provide Bell with the opportunity to renew its existing MLSE broadcast and sponsorship rights long-term at fair market value, including access to content rights for 50% of Toronto Maple Leafs regional games and 50% of Toronto Raptors games for which MLSE controls the rights.

Rogers has invested $14 billion in Canadian sports over the last decade, the company said in a statement.

($1 = 1.3590 Canadian dollars)

(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Devika Syamnath)