Blackstone nears $5 billion Rogers investment, the Globe and Mail reports

(Reuters) – Private equity firm Blackstone (NYSE:BX) Inc is bidding C$7 billion ($5.03 billion) for a minority stake in telecom and media company Rogers (NYSE:ROG) Communications’s cellphone infrastructure business, the Globe and Mail reported on Wednesday.

Last week, the Canadian company Rogers announced the deal, which would lessen its debt burdens, but did not disclose the name of the investor.

Under the deal, Rogers will sell a minority equity interest in a portion of its wireless backhaul transport infrastructure, the company said earlier.

Blackstone did not immediately respond to a Reuters request for a comment and Rogers declined to comment.

Rogers missed its third-quarter revenue estimates this month as lower-than-expected wireless subscribers additions offset its higher sports-related revenue.

($1 = 1.3906 Canadian dollars)