Orascom to increase WIND Canada stake

Orascom to increase WIND Canada stake

Orascom Telecom has announced that it has entered into an agreement to acquire the shares of WIND Mobile Canada CEO, chairman and founder Anthony Lacavera.

Upon closing the deal Orascom will increase its indirect interest in Globalive Wireless Management Corp, which operates under the WIND Mobile brand, from 65.1% to 99.3%.

The telco then plans to convert its non-voting shares into voting shares giving it an indirect 65.1% voting and economic interest in Globalive Wireless Management.

Lacavera will remain chairman and CEO at WIND until the deal closes and will continue in a non-operational capacity as honorary chair at WIND Mobile. He plans to launch the Globalive Capital initiative in 2013.

“As an entrepreneur, my vision was to ignite change across the wireless landscape in Canada, bringing more competition, better prices and superior service to Canadians,” said Lacavera. “And that is exactly what we did. Now that I am confident WIND Mobile Canada is on a course for long-term success, I can focus on launching Globalive Capital to make targeted investments in companies that share my entrepreneurial vision and continue to support innovation through new and emerging entrepreneurs.”

WIND Mobile is Canada’s fourth largest mobile carrier and was founded by Lacavera in 2008 in partnership with Orascom. The company serves 600,000 subscribers.

The transactions are subject to customary and regulatory approval.

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