VimpelCom subsidiary Orascom Telecom Holding has bought out Wind Mobile’s founder and CEO Anthony Lacavera.
On completion of the transaction later this year, Orascom will hold 99.3% of the Canadian challenger brand.
Lacavera will step down as CEO but…
VimpelCom subsidiary Orascom Telecom Holding has bought out Wind Mobile’s founder and CEO Anthony Lacavera.
On completion of the transaction later this year, Orascom will hold 99.3% of the Canadian challenger brand.
Lacavera will step down as CEO but will become honorary chair of Wind with a focus on Globalive Capital, which will invest in entrepreneurs.
The outgoing CEO currently holds an indirect 66.7% voting interest and 34.3% economic interest in Wind via AAL Corp.
Orascom’s acquisition comes as a result of changes to the Investment Canada act last summer that dispensed with foreign ownership restrictions on the ownership of telcos with 10% of market share or less by revenue.
It was not disclosed how much Orascom paid but Lacavera will receive a cash consideration for his shares and what was described as a continuing economic participation in Wind for AAL Corp.
Ahmed Abou Doma, Orascom’s CEO, thanked Lacavera: “I wish to pay tribute to his leadership in making Wind Mobile the official alternative to the ‘Big Three’ incumbents in Canada.”
