Mobilicity’s debtholders vote in favour of TELUS’ $380 million acquisition

Mobilicity becoming part of TELUS is one step closer. Mobilicity’s debtholders have voted in favour and approved the $380 million acquisition, which includes their 250,000 subscribers and 150 employees. Stewart Lyons, Mobilicity’s President and CEO, said “This is a significant step towards final approval of the Plan through which the business, combined with the financial strength of TELUS, can be continued in a way that will benefit our customers and employees.”

The next steps for the carrier to be swooped into TELUS is to gain the “required approvals” from both the Competition Bureau and Industry Canada. Mobilicity has a scheduled hearing with the courts on May 28th, but Christian Paradis, Canada’s Industry Minister, communicated last week that “the government will take the time required to review the proposal carefully.” Both Mobilicity and TELUS are aiming for the acquisition to close by June 10th.

TELUS previously said that if the deal goes through they’ll “continue with the Mobility brand, customer rate plans and network.”

Source: CNW