Canada's Shaw Communications said it has agreed to acquire broadband Internet service provider ENMAX Envision from Canadian electric utility ENMAX Corporation for about $225 million.
The deal appears to be in line with the efforts of cable TV companies throughout North America to pursue greater opportunities in the business communications market as their core cable TV markets are squeezed by new competition and changing viewing habits. ENMAX Envision specializes in business service in the Calgary market, and will be combined with Shaw Business as the company expands its efforts to reach more business customers.
The acquisition announcement comes a couple of months after Shaw also said it was planning to expand its headquarters office in Calgary, an announcement made several months after a fire caused extensive damage to the company's Calgary Court offices last summer. In recent months, Shaw also has been looking to recast its image with a new brand identity and marketing campaign.
Shaw said the ENMAX Envision acquisition will be financed with cash on hand and through Shaw's existing credit facility. CIBC World Markets Inc. acted as exclusive financial advisor to Shaw in connection with the transaction.
- here's the Shaw press release
Shaw sold Mountain Cablevision to Rogers in January
Shaw suffered a major e-mail outage last month