Rogers Communications has officially become the majority owner of Maple Leaf Sports & Entertainment (MLSE), acquiring BCE’s 37.5% stake for $4.7 billion.

Combined with its own 37.5% stake, Rogers now holds a 75% stake in the company that owns the Toronto Maple Leafs, the Toronto Raptors, the Toronto FC and Toronto Argonauts. The deal was first unveiled in September of last year.

The transaction closed on July 1, according to a Wednesday (July 2) release from Rogers, following regulatory and league approvals. The purchase price was primarily funded from revolving bank credit facilities combined with cash on hand.

As another part of the transaction, the CRTC approved Rogers taking ownership and control of NBA TV Canada, owned by MLSE. Rogers listed the value of the NBA TV transaction at about $37.2 million and proposed a tangible benefits package at 10% of the transaction for the Canadian broadcasting industry.

The remaining 25% of MLSE is held by Larry Tanenbaum’s Kilmer Sports. The Ontario Municipal Employees Retirement System (OMERS) indirectly holds 5% ownership through a stake in Kilmer Sports.

Rogers also has an agreement for the national media rights to the NHL through 2037-38, announced in April and valued at $11 billion.

Last month, Rogers received a $7 billion equity investment from New York-based investment management company Blackstone, backed by Canadian institutional investors.

Blackstone acquired a non-controlling interest in a new Canadian subsidiary formed by Rogers that owns a portion of its wireless backhaul transport infrastructure. Rogers maintains operational control of its network and will include the financial results from the subsidiary in its statements.

The investor group includes the Canada Pension Plan, Quebec’s pension asset manager Caisse de dépôt et placement du Québec, the Public Sector Pension Investment Board, British Columbia Investment Management Corporation and the Investment Management Corporation of Ontario.

“This transaction demonstrates the confidence investors have in Rogers and our world-class assets,” said Rogers Communications president and CEO Tony Staffieri in a statement. “With this significant investment, we are unlocking the unrecognized value of critical assets and executing on our commitment to de-lever our balance sheet.”

Image courtesy of Rogers