Shaw Communications and GT Group Telecom have inked a $760-million deal to combine Shaw FiberLink, a wholly owned subsidiary of Shaw, with gt, a facilities-based telecommunications service provider.

Under the agreement, Shaw will receive a 28.5% interest in the combined entity, as well as $360 million in cash.

The transaction is set to close by March 31.

In other Shaw news, customers of the ever-evolving cableco can now pay their bills and order merchandise online, 24 hours a day, seven days a week, through its new e-commerce website Shaw.com.

The company is also offering its own comprehensive high-speed Internet service, Shaw@Home, to owners of Intel Pentium iii processors who have subscribed to Intel WebOutfitter(SM) Service.