Our laws still allow that merger to proceed so first things first, I think we need a stronger set of laws to deter these mergers in the first place and after that, we need a competition law that really takes that power seriously to ensure that consumers and other businesses aren't under the thumb of these dominant incumbents, Bester said.

While the price of wireless services in Canada is important, so is the quality of service, according to McFarlane.

"What I think matters more to the country is innovation, its efficiency, its competitiveness. Not to say that pricing isn't important, it is," he said.

Other regulatory conditions include that Rogers allocate $1 billion to enhance access to broadband internet and 5G mobile service in places it is not currently accessible. Additionally that Rogers put $2.5 billion toward improvements to its Western Canada 5G network.

"What I like about these conditions is it's essentially reinforced the business plans to ensure they deliver on their commitments, including notably to invest in 5G technology, which doesn't exist today in Freedom Mobile's network, McFarlane said.

Rogers and Shaw said in a statement that the companies expect the $20

billion deal to close by April 7.