Rogers Communications said on Wednesday it had signed an agreement to buy Bell's 37.5% ownership stake in Maple Leaf Sports & Entertainment (MLSE) for C$4.7 billion ($3.46 billion). Financing for the deal will not affect Rogers' debt leverage,

Rogers Communications announced it has purchased Bell Canada Enterprises' 37.5% stake in Maple Leaf Sports and Entertainment for $4.7 billion, giving the media giant a majority stake ownership of Canada's largest and most valuable sports conglomerate.

Rogers signed a deal to purchase Bell’s 37.5 percent ownership stake in MLSE, which owns the Maple Leafs and Raptors.

The takeover has begun. On Wednesday morning, Rogers controlling interest in the Toronto Maple Leafs when it purchased Bell’s 37.5 percent stake of Maple Leaf Sports & Entertainment at a whopping $4.7 billion Canadian ($3.5 billion US). The sale would put a $9.3 billion US valuation on MLSE.

The MLSE marriage between Rogers and Bell is finally ending in divorce with Rogers getting the kids. The two telecommunications giants have agreed to Rogers purchasing Bell’s 37.5% stake in Maple Leaf Sports & Entertainment for $4.

Rogers Communications has acquired BCE's 37.5% stake in Maple Leaf Sports and Entertainment for CA$4.7 billion ($3.48 billion based on current exchange rates). MLSE is the parent company of the NHL's Toronto Maple Leafs,