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Verizon Set to Prepare Formal Offer for WIND as Deal Gets Closer

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The Financial Post reports Verizon is one step closer to acquiring WIND Mobile as sources say the company is set to present formal offer to the wireless entrant and also outline its Canadian plans to its board of directors next week:

Sources told the Financial Post the New York-based telecommunications giant will hold a meeting of its board of directors next week and its plans for Wind are on the agenda for approval.

While Verizon has already made an initial offer for Wind in the range of $700-million, those with knowledge of the matter say it is now preparing to make a formal offer and taking that plan as well as its roadmap for investment in the Canadian wireless market to its board.

VimpelCom, WIND Mobile’s foreign owner is set to meet next week and possibly ready to accept offers to buy their Canadian investment.

Earlier reports stated Verizon had bid $700 million for WIND Mobile. The company said its interest in Canada is an “exploratory exercise,” but it was revealed later officials from Ottawa flew down to New York to entice the U.S. wireless company to enter Canada.

Earlier this morning a report by The Globe and Mail said Birch Hill was set to prepare an offer for WIND Mobile, backed by Rogers. The Financial Post says another possible buyer is Accelero Capital Holdings, which is rumoured to be working with WIND Mobile founder Anthony Lacavera’s holding company AAL Corp.

Acclero is backed by former WIND Mobile investor, Naguib Sawiris, an Egyptian billionaire who previously stated it was a mistake to enter the protected Canadian wireless market.

 

 

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  • Chrome262

    Hope this works out, most of my family is on Verizon, although not a fan, and would rather it be T-Mobile, this will make life easier, it would be like no roaming or international texts for me. Or at least cause prices to drop, even if Verizon has some of the most expensive plans in the US.

  • FragilityG4

    Lets hope … I pray they don’t see this as a way to take advantage of the gouging up here …

  • Prashanna Kandiah

    VERZION has $20 BILLION

    – Verizon Could Unify the North American Wireless Market

    – Bidding for auction for up coming blocks of spectrum cost ($1 Billion to $2 Billion)

    – Merging WIND & Mobilicity as VERIZON WIRELESS CANADA ($2 Billion)

    TOTAL COST for Verzion ($4 billion + Capital Costs of Replacing WIND Mobile Infrastructure Estimated at $100 Million)
    WIND & Mobilicity and VERIZON IS READY AND SET waiting til the board of directors

    Verizon’s plans to change WIND Mobile AND Mobility ’s Huawei equipment with its own could cost up to $100 million dollars; the latter has been accused of having its equipment compromised by the Chinese government: from galble mail.

  • Chrome262

    Yeah unfortunately we are know for our willingness to pay higher prices. Just today, saw something on Amazon .com for 90 bucks, it was on .ca for 175?? and at the apple store for 119. so I went to the apple store, and they wonder why I don’t merge my .com account with my .ca.

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