Jan 13 (Reuters) - Corus Entertainment Inc CJRb.TO :
* To acquire Shaw media in transformational acquisition
* Says deal valued at C$2.65 billion
* Says acquisition expected to be immediately accretive to earnings and free
cash flow per share
* Says deal be paid through a combination of cash and Corus class b shares
* Combination expected to generate $40-$50 million of annual cost synergies in
addition to significant revenue synergies
* Under terms of transaction, Corus agreed to acquire 100% of Shaw media for a
total purchase price of $2.65 billion
* Says rbc capital markets is providing fully committed financing in connection
with the transaction
* Says Corus intends to maintain its current annualized dividend of $1.14 per
class b share
* Corus intends to redeem 4.25% senior unsecured notes due February 2, 2020, of
which $550 million principal is outstanding
* Acquisition and refinancing of Corus debt will be funded with $2.3 billion of
committed credit facilities, $560 million bridge financing
* Sci will own approximately 39% of corus' total issued equity, including class
a and b shares
* Says sci has agreed to hold and not sell any of its Corus class b shares for
the first 12 months following closing
* Sci agreed to have 100% of Corus class b shares participate in corus'
dividend reinvestment plan until at least August 31, 2017
* Shaw family living trust provided written commitment to corus' board of
directors indicating its support for the acquisition
* Says board of directors of Corus approved the proposed acquisition of Shaw
media
* Source text for Eikon ID:nCNWlmxpWa
* Further company coverage CJRb.TO