Amwal Al Ghad - 2013-01-19 07:30:18
Egyptian telecommunications company Orascom Telecom Holding S.A.E. said Friday that it's boosting its stake in Wind Mobile Canada, a relatively new player in Canada's wireless sector, after agreeing to acquire Wind Mobile founder Anthony Lacavera's stake in the company.
Terms weren't disclosed. Orascom said it will hold an indirect 99.3% stake in Globalive Wireless Management Corp., which operates under the Wind Mobile brand in Canada.
It said completion of the transaction is subject to regulatory approval of the conversion of Orascom's non-voting shares into voting shares, which would result in Orascom holding an indirect 65.1% voting and economic interest in Globalive immediately before closing the purchase of shares from a holding company controlled by Mr. Lacavera. Orascom currently holds an indirect 32% voting interest and 65.1% economic interest in Wind Mobile.
Orascom said Mr. Lacavera will step down as Wind Mobile's chairman and chief executive when the transaction closes. It said Mr. Lacavera, who will remain honorary chairman of Wind Mobile but won't have an operational role, is undertaking a new business venture this year called Globalive Capital.
Orascom said Wind Mobile had about 600,000 subscribers in Canada, making it the country's fourth-largest wireless carrier. More»