04/08/2013 04:55 EDT | Updated 06/08/2013 05:12 EDT

Shaw Communications to buy fibre-optic network firm Enmax Envision for $225M

CALGARY - Shaw Communications Inc. (TSX:SJR.B) said Monday it has signed a deal to buy Enmax Envision Inc. from Enmax Corp. for $225 million.

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.