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.
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They are already colluding with each other, why not share all of their acquisitions too.
So much for competition among players in this industry! Enough already!