Shaw Communications To Net $580 Million From Sale Of ViaWest

Shaw Communications Inc. announced Tuesday a deal to sell its wholly-owned subsidiary ViaWest Inc. to Peak 10 Holding Corp. for C$2.3 billion, or the U.S. dollar equivalent of $1.68 billion. Shaw expects net proceeds of C$900 million, or $580 million, from the sale of ViaWest, a provider of provides colocation, cloud computing and security and compliance services, which it bought in 2014. Shaw's stock, which was still inactive in premarket trade, has climbed 6.8% year to date, while the S&P 500 has gained 8.5%.