Bell Sells 50% Stake of Wireless Dealer Glentel to Rogers

Bell has announced Rogers has pulled their injunction to prevent the sale of Burnaby-based wireless dealer GLENTEL to the former. Instead, Bell has now announced it has sold a 50% stake of GLENTEL to Rogers:

Under the agreement, Bell and Rogers will each own 50% of GLENTEL shares representing 50% of GLENTEL’s retail operations. In exchange, Rogers has agreed to pay in cash to Bell 50% of the GLENTEL transaction value following the successful closing of Bell’s GLENTEL acquisition. In addition, Rogers will withdraw its application for an injunction to block Bell’s acquisition of GLENTEL.

Sounds like a Christmas miracle has helped both companies avoid a fight between two best friends.

Founder and Editor-in-Chief of iPhoneinCanada.ca. Follow me on Twitter, and @iPhoneinCanada, and on Google+.

  • Rizzy77

    They are already colluding with each other, why not share all of their acquisitions too.

  • SkipinFL

    So much for competition among players in this industry! Enough already!