Globalive gets lots of dough and wants 1.5 million subscribers within 3 years

Globalive Communications Inc., possibly our fourth national cell phone company, is now called “Globalive Wireless Management Corp.” has accepted a financial investment from Eygptian based Orascom said to be around $500 million – $750 million (USD) over the next 4-years. Orascom receives a 20% stake in Globalive (the maximum amount allowed by the government for foreign investors)

Globalive paid $442.1-million for licences in all provinces except Quebec and experts estimate it will cost up to $2-billion to build a national wireless network. Globalive said it has a target to enroll 1.5 million wireless customers within 3 years.

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