Verizon holds off on Canadian acquisition
15 August 2013 | Kavit Majithia
Verizon Communications has put off the acquisition of two small Canadian wireless companies until a government auction of wireless licences, due for January next year.
According to local Canadian reports, the US giant is instead switching its focus on potentially taking part in the Canadian wireless spectrum auction, where it has to declare its interests to take part by September 17.
Analysts have questioned Verizon’s change in strategy in Canada, and whether the company was as committed to driving down prices for firms like Wind Mobile and Mobilicity as first thought.
Verizon had bid an initial $799 million for Wind Mobile and also signed a non-disclosure agreement with Mobilicity in recent months.
Verizon’s bid however has also been derailed by Canada’s largest wireless company, Rogers Communications, after it backed a private equity bid for the two companies.
Reuters reports that none of the involved parties were available for comment.
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