Rogers Communications Inc. has purchased a larger stake in Montreal-based Cogeco Cable Inc. and its parent Cogeco Inc., paying out $74.9-million.
Rogers, the Toronto-based wireless and cable giant, said in a news release late on Thursday, after the close of markets, that it was paying $39.2-million for 892,250 subordinate voting shares of Cogeco Cable and $35.7-million for 946,090 subordinate voting shares in Cogeco.
With Thursday's purchase, Rogers will own about 39.9 per cent of Cogeco's subordinate voting shares and about 35.5 per cent of the equity. In early October, Rogers paid $425-million for Atria Networks LP, a large fibre optic network operator based in Kitchener, Ont.
As usual with its share purchases of Cogeco, Rogers said it has "no current intention of acquiring ownerships of or control or directon over" Cogeco, but "reserves the right to acquire additional shares" or sell whenever it wants.