News

Shaw to Buy MSO Monarch for $90M

9/08/2003 5:22 AM Eastern

Shaw Communications Inc. has inked a deal to snap up Monarch Cablesystems for
$90 million.

Subject to approval from Canadian regulators, the deal will bring Shaw 35,000
customers in Medicine Hat, Canmore and southern British Columbia and a total
business that generates approximately $10.5 million in annual operating
income.

Shaw plans to pay for the transaction using $25 million in cash or by
assuming Monarch debt. The balance will be supplied by issuing class-B nonvoting
Shaw shares at $17.39 each.

"The cable systems that we will be purchasing from Monarch dovetail nicely
with Shaw's existing systems and network in Alberta and B.C.," Shaw CEO Jim Shaw
said in a release. "This transaction allows Shaw to further consolidate its
position as the dominant cable-television and Internet provider in western
Canada."

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