Remember the fable about Verizon reportedly coming into Canada and getting special treatment from the government? Well, there was a hint of truth, but the saga has ended.
Back in June US-based Verizon wireless was potentially interested in acquiring newer carriers WIND Mobile or Mobilicity. Frank Shammo, Verizon CFO, confirmed the company was considering the idea and stated “we’re looking at the opportunity. This is just us dipping our toe in the water.”
Now, a few months later the company announced plans today to acquire Vodafone’s 45% stake in its business for $130 billion, plus officially passed on coming to the Great White North. According to a report by Bloomberg, Lowell McAdam, Verizon CEO, said the entire speculation of Verizon coming to Canada was “way overblown.”
Over the past number of weeks the Big 3 (Rogers, Bell, TELUS) carriers and the CWTA (Canadian Wirleess Telecommunications Association) have been informing Canadians of how detrimental it would be to let a foreign company potentially control Canadian wireless spectrum, plus that the loss of jobs “will have massive consequences for Canadians.”