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Friday, April 18, 2014

Telus set to buy Mobilicity for $350 million

TORONTO – Mobilicity says it has agreed to be purchased by Telus Corp. for $350 million.
Mobilicity says the proposed sale is subject to approval by the Ontario Superior Court of Justice, the Competition Bureau, Industry Canada, and Mobilicity’s debtholders.
Telus has twice tried to buy struggling Mobilicity, but both times the deal was rejected by Industry Canada.
This time, however, Mobilicity says it believes the deal will satisfy the federal agency’s criteria and will not affect competition in the Canadian wireless sector.
The company also says the “vast majority” of its 165,000 active subscribers would be able to seamlessly migrate
onto Telus’ network after the transition.
Mobilicity also says it there are “no foreseen changes to employee staffing levels” under the proposed transaction, how ever no word on price changes for customers currently getting unlimited service.
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