Orascom Telecom Holding or Orascom (OTLD.L) and WIND Mobile’s founder, Chairman and Chief Executive Officer or CEO Anthony Lacavera, jointly together said that they have entered into an agreement to transfer Lacavera’s shares of WIND Mobile Canada to Orascom.
Lacavera, who plans to focus on a new investment initiative, Globalive Capital in 2013, would remain WIND Mobile’s Chairman and CEO until closing, and would continue in a non-operational capacity as WIND Mobile Canada’s Chair.
Under the agreement terms, Orascom would indirectly acquire all of AAL Corp.’s interest in Globalive Wireless Management, which operates under the WIND Mobile brand in Canada. As part of the consideration to be paid to AAL, the Globalive group’s fixed-line assets would be transferred to AAL Corp.
The transactions completion which is subject to satisfaction of certain conditions, including Canadian regulatory approval of the conversion of Orascom’s non-voting shares into voting shares, is expected to result in Orascom holding an indirect 65.1% voting and economic interest in Globalive Wireless Management immediately before completion of the transactions with AAL Corp.
Egypt-based mobile telecommunications company, Orascom currently holds an indirect 32% voting interest and 65.1% economic interest in Wind Mobile Canada, while AAL Corp. holds an indirect 66.7% voting interest and 34.3% economic interest.
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by RTT Staff Writer
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