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The deal also includes all MTS telecommunications services, but the CRTC’s approval is not required to transfer those assets. The CRTC noted its ruling, which only applies to a small section of the broader transaction, is not sufficient for the deal to proceed.

For that, Bell and MTS need to pass muster of the Competition Bureau and Innovation, Science and Economic Development Canada. The deal gets trickier when it comes to telecom, particularly wireless, since it could take the number of wireless players in Manitoba down to three from four. Consumer advocates say that could lead to less choice and higher prices in a province where residents currently enjoy some of the lowest rates in Canada.

The Liberal government has yet to explicitly say whether it intends to follow the Conservatives fourth carrier policy, a populist attempt to bolster to competition in a wireless industry dominated by the Big Three of Rogers, Bell and Telus. But ISED Minister Navdeep Bains has hinted that he is in favour of competition.

As part of the deal, Bell promised to transfer some of its customers to Telus to level the market share between the Big Three in Manitoba. Industry watchers suspect ISED and the Competition Bureau could attach more conditions to the deal, such as the transfer of spectrum to Shaw’s Freedom Mobile to ensure four players in the province.

Regulators have taken an unusually long time to rule on the transaction. MTS shareholders strongly support the deal. If it goes through, Bell has promised to invest $1 billion in infrastructure over the next five years.