Days after bowing out of the battle for Groupe Videotron, Rogers Communications has purchased Newfoundland-based cable outfit Cable Atlantic for $102m.
The acquisition raises Rogers' Canada-wide subscriber base to 2.3 million and boosts the company's maritime presence. Cable Atlantic has approximately 75,000 subscribers.
Rogers used a chunk of its consolation prize for not securing Videotron to pay for Cable Atlantic. Under the terms of the merger agreement reached by Rogers and Videotron in February, Videotron had to pay Rogers a $164m spoiler fee before it could accept the higher counter-offer from Quebecor.