Shaw Communications Inc. (“Shaw”) today announced that an affiliate has entered into an agreement to acquire Mountain Cablevision Limited (“Mountain Cablevision”), subject to CRTC and Toronto Stock Exchange approvals. The consideration will consist of cash and may also include the issuance of Class B Non-Voting Participating Shares of Shaw and further details regarding the transaction will be provided following receipt of the
Mountain Cablevision is based in Hamilton, Ontario and has approximately 41,000 cable customers, 28,000 Internet subscribers and 27,000 telephone customers. “The Boris Family, who owns Mountain Cablevision, has built a tremendous franchise over the last 50 years. Mountain Cablevision’s industry leading penetration rates are proof that their products and services are of superior quality and are delivered with a strong focus on customer service,” said Jim Shaw, CEO and Vice Chair of Shaw Communications Inc.
“We believe the operating philosophies of Mountain Cablevision are similar to our own. There have been substantial investments made in the system over the years and their relationships with their customers are impressive,” said Peter Bissonnette, President of Shaw Communications Inc. “We are very pleased about merging with Shaw”, said Owen Boris, the principal owner and founder of Mountain Cablevision. “Shaw has a reputation throughout Canada for providing exceptional products and services to their customers and treating their employees with great care and respect. These attributes were very important to our Family in considering the sale of the
system to Shaw,” said Boris.
“Mountain Cablevision represents one of the last remaining independent cable companies in Canada and the acquisition provides us with an opportunity to grow our business. We are delighted that we were able to successfully enter into a purchase agreement with the Boris Family through a very competitive sales process and we look forward to welcoming Mountain Cablevision’s employees to the Shaw team,” said Jim Shaw.