The Canadian PressApril 18, 2014 07:59
TORONTO - Mobilicity says it has agreed to be purchased by Telus Corp. (TSX:T) for $350 million.
Mobilicity says the proposed sale is subject to approval by the Ontario Superior Court of Justice, the Competition Bureau, Industry Canada, and Mobilicity's debtholders.
Telus has twice tried to buy struggling Mobilicity, but both times the deal was rejected by Industry Canada.
"We will not approve spectrum-transfer requests that decrease competition in our wireless sector," Jake Enwright, a spokesman for Industry Minister James Moore, said Friday.