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Canada's Wind Mobile May be Sold to Co-Founders

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Russia's VimpelCom is report to be looking to sell the Canadian subsidiary, Wind Mobile it inherited when it acquired Egypt's Orascom Telecom.

The move comes just a few months after Orascom Telecom announced that it would be buying out the co-founder in Wind Mobile. Orascom Telecom is majority owned by Russia's VimpelCom. Upon closing, Orascom will own an indirect 99.3% interest in the mobile network operator.

Under the terms of that deal -- which is still pending regulatory approval -- Wind Mobile's founder, Chairman and Chief Executive Officer, Anthony Lacavera will transfer his shares of Wind Mobile Canada to Orascom. The financial details were not being disclosed.

What is now being reported that VimpelCom may sell its stake in the company to Lacavera and Egypt's Naguib Sawiris instead.

Separately, Dvai Ghose, head of research at Canaccord Genuity, also said VimpelCom had begun a sale process, citing "several sources" in a note to clients.

On the web: The Globe and Mail

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Tags: wind mobile  Canada