Envision runs one of Calgary's largest fibre-optic networks and specializes in providing large amounts of bandwidth to businesses and that require a connection or connect multiple locations over private networks.
Shaw said it will use Envision to expand its Shaw Business service with products and services complementary to those offered by Envision.
The purchase will be funded with cash on hand and through Shaw's existing credit facility.
Shaw provides cable television, high-speed Internet and home phone services in Western Canada.
The company also owns Global Television and 18 specialty networks including HGTV Canada, Food Network Canada, History and Showcase.