Rogers Communications has agreed to acquire the remaining 25 percent stake in Maple Leaf Sports & Entertainment (MLSE) from Larry Tanenbaum’s Kilmer Group, giving the telecommunications company full ownership of Canada’s largest sports and entertainment organization.
Rogers Communications (NYSE: RCI) will pay C$4.35 billion (about $3 billion) for the remaining 25 percent interest in MLSE, valuing the business at C$17.4 billion (around $12.2 billion), Bloomberg reported. The transaction, which is subject to league approvals and is expected to close in the fourth quarter, completes Rogers’ effort to gain full control of the owner of the Toronto Maple Leafs, Toronto Raptors, Toronto FC and other major sports assets. Rogers said it will finance the acquisition using committed liquidity and plans to sell a minority interest in the combined sports, media, and entertainment business within the next year.
Maple Leaf Sports & Entertainment is Canada’s largest sports and entertainment company, with ownership interests in several professional sports franchises, including the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS) and the Toronto Argonauts (CFL). The company also operates major sports and entertainment venues in Toronto and represents one of the country’s most valuable collections of premium sports media and live event assets.