Vimpelcom drops plan to buy Wind Mobile

Nieuws Mobiel Canada 20 JUN 2013
Vimpelcom drops plan to buy Wind Mobile

Vimpelcom subsidiary Orascom Telecom has withdrawn its request to the Canadian government to acquire full control of Wind Mobile. The company said the move comes after a review process and discussions with the government. Orascom, which owns 65 percent of Wind Mobile, stated that it continues to be interested in consolidating its interest in the operator and will work with the government to achieve this end. The company had been waiting for regulatory approval under the Investment Canada Act.

Wind Mobile CEO Anthony Lacavera, who owns 35 percent of the company he founded, said that now that Vimpelcom has pulled back, he will seek to buy the rest of the company with help from the capital markets. Lacavera was prepared to sell his stake and step down as CEO when Orascom announced its takeover plan in January. Verizon and others are reportedly also considering acquiring the Canadian mobile operator.

Categories:

Mobiel

Companies:

Orascom Telecom,  Verizon,  Vimpelcom,  Wind Mobile

Countries:

Canada

Tags:

Voice services, Data services, Messaging, Wireless, Consumer, Enterprise, Government policy, Financial funding, M&A buyouts & divestments

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