On October 30, 2009 Mountain Cablevision Limited ("Mountain Cablevision") announced that it had completed the sale of their shares to Shaw Communications Inc ("Shaw") through an affiliate. Mountain Cablevision had been privately owned by the Boris family for the past 50 years. The transaction was subject to approval of the CRTC which was granted on October 22, 2009. The purchase price was approximately $300 million, $120 million of which was paid through the issuance of 6,141,250 Class B Non-Voting Participating Shares of Shaw, with the balance paid in cash.
Mountain Cablevision and the Boris family were represented by Minden Gross LLP led by Hartley R. Nathan, Q.C., and included Yosef Adler from the Corporate group, Joan Jung from the Tax group and Jodey Therriault.
"This was a very interesting transaction that included a public auction process." says Mr. Nathan "When the Boris family decided to sell Mountain Cablevision we anticipated that the corporation would be of great interest to several large cable operators." The auction process was conducted by RBC Dominion Securities Limited and included multiple bidders, with Shaw coming out on top. The transaction makes Shaw the largest cable company in Canada.
Mountain Cablevision was one of the few remaining private cable companies in Canada.