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Orascom to acquire Canadian start-up
- Egypt: Saturday, January 19 - 2013 at 01:52
Egyptian mobile operator Orascom Telecom Holding (ORTE) has agreed to acquire shares of Canadian mobile phone start-up Wind Mobile to gain voting control, Bloomberg has reported. Financial terms of the deal, which will leave Orascom with a 99.3% indirect stake in Wind Mobile parent Globalive Wireless Management Corp, weren't disclosed. Canada's main telecommunications regulator said in March it will allow foreign companies to buy operators with less than 10% of market share by revenue to stimulate competition by providing access to outside capital.
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