Rogers Sells $5 Billion Network Stake to Blackstone Funds (1)

Rogers Communications Inc. agreed to sell a stake in its wireless network to funds managed by Blackstone Inc. in a C$7 billion ($4.9 billion) equity deal backed by four Canadian pensions.

Blackstone leads an investor group that includes Canada Pension Plan Investment Board, Caisse de dépôt et placement du Québec, the Public Sector Pension Investment Board and British Columbia Investment Management Corp., according to a statement from Rogers.

The investment in a “minor” portion of Rogers’ wireless backhaul transport infrastructure will be treated as equity without affecting the firm’s credit ratings, the statement said. Blackstone will hold ...