Verizon continues Canadian acquisition hunt

27 Jun 2013

Verizon Communications is continuing to explore potential acquisition opportunities in the Canadian mobile market, and has tabled an initial buyout offer for Wind Mobile of roughly USD700 million whilst also beginning negotiations with Mobilicity’s owners, according to two sources familiar with the situation quoted by the Globe & Mail. Last week, Verizon’s chief financial officer Fran Shammo confirmed that the US giant was examining the possibility of entering Canada, although noting that ‘regulatory issues’ could present problems. There is no legal obstacle to Verizon buying one of the smaller Canadian cellcos, although potentially the federal government may stipulate conditions attached to an acquisition of two or more companies competing in the same regions when Industry Canada announces further mobile licence transfer policy details in the coming few days. Neither of Wind, Mobilicity or Wind’s majority equity/minority voting share owner Orascom Telecom Holding (part of Vimpelcom Group) have commented publicly on talks with Verizon.

Canada, Freedom Mobile, Mobilicity, VEON, Verizon Communications, Verizon Wireless