Wind Mobile Buyout Receives Regulatory Approval

by Istvan Fekete on November 6, 2014

The industry minister has approved the plan by an investment group led by Anthony Lacavera to buy VimpelCom’s stake in Wind Mobile, as the company has promised to grow its business in the country.

The deal was approved under the Investment Canada Act, while Industry Canada approved the spectrum licence transfer.

“In making my determination, I concluded that this acquisition will contribute to a more robust and competitive wireless industry in Canada,” Moore said in a statement.

Earlier this fall, a group of investors decided to back Wind Mobile co-founder Anthony Lacavera’s plan to take over the wireless startup he launched several years ago. The investment consortium included private equity firm West Face Capital, Tennenbaum Capital Partners, LG Capital Investors, Serruya Private Equity, and Novus Wireless Communications.

Wind Mobile announced this week that all roadblocks have been cleared.

“This approval of our recently announced financing is great news for Canadian consumers. It puts Wind Mobile on solid footing to continue bringing Canadians a true, competitive choice in wireless,” Lacavera said in a statement.

The company will remain incorporated under Canadian laws, will invest in wireless spectrum – Lacavera had been vocal about the carrier’s need for more spectrum – and will grow its business across the country. Also, it will provide Canadian-based suppliers an opportunity to compete for its business.

Alongside the spectrum transfer and company buyout, Wind Mobile changed its CEO recently: It named Pietro Cordova as chief executive officer, with Anthony Lacavera remaining as chairman and majority investor.

“In the coming months and years Wind Mobile will continue our network and distribution rollout, and we’ll continue to improve our already market-leading value proposition,” Cordova said Tuesday.

Did you like this post? publishes daily news, editorial, thoughts, and controversial opinion – you can subscribe by: RSS (click here), or email (click here).

Written by: Istvan Fekete. Follow by: RSS, Twitter, Facebook, or YouTube.

Comments on this entry are closed.

Previous post:

Next post: