Rogers Communications and BCE agreed to buy a controlling stake in Maple Leaf Sports & Entertainment, in a $1.3 billion deal to own the most valuable team in the National Hockey League.

Rogers and BCE, Canada’s two largest phone companies, will buy a 75 percent stake in Maple Leaf Sports from Ontario Teachers’ Pension Plan in a cash transaction.

Canadian businessman Larry Tanenbaum will increase his holding to 25 percent from 20 percent.

In addition to the NHL’s Maple Leafs, which have won the Stanley Cup championship 11 times, Maple Leaf Sports owns the National Basketball Association’s Raptors and Major League Soccer’s Toronto FC. The deal is expected to close in mid-2012.