Rogers Communications bought out Larry Tanenbaum's MLSE share sooner than expected. TD Cowen's Vince Valentini says the price of C$4.35 billion is a premium, likely "in return for Rogers getting a deal done quickly." The expedience could be a positive. Valentini says any delay to purchase Tanenbaum's Kilmer Sports' stake "could have delayed the important deleveraging event of selling a minority interest in sports and media to new private investors." Next on the docket for Rogers is likely going to be to formalize negotiations with new potential private investors in the full sports-and-media entity, for an estimated "C$6.5 billion in proceeds (25-30% stake), so that the net of the two transactions should be debt reduction of about C$2.1 billion." (adriano.marchese@wsj.com)
Dow Jones Newswires
Rogers Communications' Premium Price for MLSE Likely to Accelerate Deleveraging Plan — Market Talk
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Rogers Communications bought out Larry Tanenbaum's MLSE share sooner than expected. TD Cowen's Vince Valentini says the price of C$4.35 billion is a premium, likely "in return for Rogers getting a deal done quickly." The expedience could be a positive. Valentini says any delay to purchase Tanenbaum…