VimpelCom and Global Telecom Holding agreed to sell their stake in Wind Mobile Canada for $122 million or CAD 135 million to Globalive Capital, the controlling shareholder of Wind Canada, and certain investment funds.
The proceeds will be going to VimpelCom in repayment of part of the debt owed to VimpelCom. GTH will be released from its certain debt obligations of Wind Canada.
As of June 30, 2014 VimpelCom, which is based in the Netherlands, has 221 million mobile customers. On the other hand, Global Telecom has more than 91 million customers.
Globalive Capital is a Toronto-based investment firm controlled by Wind chairman and CEO Anthony Lacavara.
Wind Mobile Canada competes with wireless carriers such as Rogers Communications and Telus Corp. Wind is the fourth-largest service provider in Canada with just under 750,000 subscribers nationwide.
Baburajan K
editor@telecomlead.com
