Orascom to Acquire Wind Mobile Control to Test New Canadian Law
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Orascom Telecom Holding SAE, an Egyptian wireless carrier, agreed to acquire shares of Canadian mobile phone startup Wind Mobile to gain voting control, the first test of the nation’s newly relaxed foreign-ownership laws.
Anthony Lacavera, Wind Mobile’s founder, is transferring his shares in the carrier to Orascom while retaining a “substantial economic” stake in the company, he said in an interview today. Financial terms of the deal, which will leave Orascom with a 99.3 percent indirect stake in Wind Mobile parent Globalive Wireless Management Corp., weren’t disclosed.