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(Reuters) - Rogers Communications Inc, Canada's largest mobile phone company, said it would buy Hamilton-based Mountain Cablevision Limited and some wireless spectrum licenses from Canada's Shaw Communications Inc for about C$700 million ($710 million).
The deal gives Rogers the option to buy Shaw's wireless spectrum licenses in British Columbia, Alberta, Saskatchewan, Manitoba and Northern Ontario.
Shaw, the dominant cable provider in Western Canada, said it would buy the 33.3 percent stake in the TVtropolis General Partnership that it does not already own for about C$59 million.
Shaw and Rogers jointly own TVtropolis, a channel that plays sitcoms from the 1980s and 1990s.
Rogers also owns other television stations, magazines and the Toronto Blue Jays baseball team.
Shaw's shares closed at C$22.94 while Rogers' shares closed at C$44.37 on Monday on the Toronto Stock Exchange.
($1 = 0.9857 Canadian dollars)
Reporting by Maneesha Tiwari in Bangalore; Editing by Roshni Menon