This transaction, valued at $3.06 billion, will grant the telecommunications company complete ownership of one of Canada's most profitable sports assets. Maple Leaf Sports & Entertainment (MLSE) is the parent organization for several professional sports franchises, including the Toronto Maple Leafs hockey team and the Toronto Raptors basketball team.

Rogers (RCI.B), which saw its shares rise 1.93%, has announced it will acquire the final stake in MLSE from Kilmer Sports for 4.35 billion Canadian dollars, equivalent to $3.06 billion. This move gives the telecom operator full control over a premier Canadian sports and commercial enterprise.

The deal is anticipated to close in the fourth quarter of this year. Upon completion, Rogers will own the Toronto Maple Leafs, the Toronto Raptors, the Toronto FC soccer club, and Scotiabank Arena outright.

Previously, MLSE was jointly owned by Canada's two major competing telecom giants, Rogers and BCE, along with Kilmer Sports, which is controlled by Canadian billionaire Larry Tanenbaum.

In 2024, Rogers reached an agreement to purchase BCE's 37.5% stake for 4.7 billion Canadian dollars, increasing its ownership to 75% and securing controlling interest. Upon the completion of that transaction, Rogers also obtained an option to acquire Tanenbaum's remaining 25% stake.

Following the acquisition of Tanenbaum's shares, Rogers intends to integrate MLSE, its Toronto Blue Jays baseball team, and its own sports media brand, Sportsnet, to create a unified sports and media powerhouse.

Rogers has indicated that after the consolidation of its sports, media, and entertainment assets, it plans to sell a minority stake in the combined business next year.

The company stated on Monday that owning these iconic professional sports franchises outright will help drive long-term synergistic growth between its communications business and its sports and entertainment division.