DAVE Wireless raises additional $75 million from Canadian investors

by Jeff Wiener on December 17, 2009

Picture 12Data & Audio Visual Enterprises Wireless Inc. (DAVE Wireless) announced today that it has raised $75 million in additional capital from a group of Canadian institutional investors.

The private placement, led by GMP Securities L.P. and National Bank Financial Inc., represents an additional infusion of capital for the new company as it prepares to launch in early 2010 and bring competition and choice to Canada’s wireless market.

This announcement comes only two months after DAVE Wireless finalized $125 million in long-term financing through ING Bank N.V.

“We are on track to bring competition to Canadian wireless consumers in early 2010 with our state-of-the-art Ericsson 3G network,” said Dave Dobbin, president of DAVE Wireless. “Raising an additional $75 million for continued growth will significantly enhance our position in the market.”

Dave better launch quickly though. Wind Mobile has launched, and Public Mobile is also coming to market. Competition is heating up and the $75 Million could go quickly.

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Written by: Jeff Wiener. www.digitcom.ca. Follow TheTelecomBlog.com by: RSS, Twitter, Identi.ca, or Friendfeed

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Wind Mobile has finally launched and announced their plans. Now the hard part begins ! — TheTelecomBlog.com
December 18, 2009 at 6:24 am

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