Article content

Canada’s six-year drive to boost competition in the wireless industry took a step forward after Globalive Wireless Management Corp. agreed to buy VimpelCom Ltd.’s stake in upstart carrier Wind Mobile.

Globalive, in a deal backed by a group of investors led by West Face Capital Inc., is paying about $135 million, VimpelCom said Tuesday. The buyer assumes about $160 million of debt. Tennenbaum Capital Partners LLC, LG Capital Investors, Novus Wireless Communications and Serruya Private Equity were part of the deal, Toronto-based Globalive said.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Globalive consortium reaches deal to buy Wind Mobile stake from VimpelCom Back to video

The Canadian government has championed the creation of a fourth national wireless carrier in an effort to foster competition and reduce mobile phone rates. The three biggest carriers, Rogers Communications Inc., BCE Inc. and Telus Corp., together control 90% of the market.

“The federal government’s delivery on its promise to create the conditions for viable long-term wireless competition has not gone unnoticed by the investment community,” Greg Boland, CEO of West Face, said in the statement.