Rogers acquires 37.5% stake in MLSE from BCE for $3.5 billion

Rogers Communications has acquired BCE’s 37.5% stake in Maple Leaf Sports and Entertainment for C$4.7 billion ($3.48 billion at current exchange rates). MLSE is the parent company of the NHL’s Toronto Maple Leafs, the NBA’s Toronto Raptors and MLS’s Toronto FC.

Rogers already owned 37.5% of MLSE, valuing the entity at $9.3 billion. Rogers also owns the Toronto Blue Jays, which are valued at $2.27 billion, according to SportyLarry Tanenbaum owns the remaining 25% of MLSE, which also owns the Toronto Argonauts, a Canadian Football League team.

Rogers declined to comment, and BCE did not immediately respond to a request for comment.

In 2012, rival telecommunications giants Rogers and BCE joined forces to buy most of MLSE’s shares from the Ontario Teachers’ Pension Plan for C$1.32 billion ($1.78 billion).

This story will be updated.