Here's Why Rogers Communications Stock Is Moving

Rogers Communications Inc Class B RCI shares are trading higher by 5.62% to $47.58 Friday morning following the decision summary by the Competition Tribunal allowing the proposed acquisition of Freedom Mobile by Videotron, and the subsequent combination of Rogers and Shaw to proceed.

In a joint statement, the companies said: "We are pleased with the favourable decision from the Competition Tribunal and thank the Tribunal members for their work in rendering a swift decision. This is an important milestone in the regulatory process and moves us one step closer to closing a series of transformative transactions proposed by Rogers, Shaw, and Quebecor."

"We look forward to reviewing the details of the decision and working with the Minister of Innovation, Science and Industry so we can clear the final regulatory hurdle to close these transactions," the companies stated.

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According to data from Benzinga Pro, RCI has a 52-week high of $64.55 and a 52-week low of $36.23.