Rogers Communications Inc., the largest wireless provider in Canada, is close to finalizing a significant financing agreement worth C$7 billion (approximately $5.1 billion) to improve its network and reduce its debt.

The company has announced that it has secured a non-binding term sheet with a well-known global financial investor, although the investor's identity has not been disclosed.

Despite this substantial investment, Rogers will retain control over its networks, ensuring that its strategic direction and management remain unchanged. This move is part of the company's broader plan to strengthen its financial position and support ongoing network enhancements.