The $26 billion acquisition of Shaw Communications by Rogers Communications cleared the final regulatory hurdle on Friday, after more than two years since the deal was first announced.

Federal Industry Minister François-Philippe Champagne approved the transfer of Freedom Mobile licenses owned by Shaw to Quebecor Inc.'s Videotron, which operates in Quebec and some border areas in Ontario, paving the way for the deal's completion.

François-Philippe Champagne said the Canadian government obtained 21 legally binding commitments from Rogers and Videotron to enhance competition in the sector and reduce prices.

Rogers and Shaw had agreed in June 2022 to sell Freedom Mobile to Videotron for $2.85 billion in an attempt to ease competition concerns raised by the original proposal.

François-Philippe Champagne also expects Freedom's wireless prices in Ontario and Western Canada to drop by about 20 percent, aligning them with Videotron's current offers in Quebec.

In response, Videotron said it would accept the terms and agree to integrate them into a revised deal.