Update: TELUS pulls out of the $350 million Mobilicity deal

The TELUS/Mobilicity deal just might finally be over.

After going in for a third time, a report in the Globe and Mail, unconfirmed by TELUS, states that TELUS has ended its attempt to purchase the struggling carrier after unknown conditions of the deal were not met. The Globe’s sources stated that TELUS is “no longer in the mix” for Mobilicity’s ten spectrum licenses and 165,000 subscribers.

TELUS and Mobilicity have not commented on the report. If true, Mobilicity will potentially have to seek out another strategy and reach out to one of other organizations that submitted bids during its auction.

TELUS and Mobilicity previously stated that the proposed $350 acquisition is “a good outcome” and “serve the best interests of Mobilicity’s customers and employees.” However, Bay Street analysts suggested that the deal is ‘dead on arrival’ and the government will be quick to deny the deal from moving forward as it would not “fostering competition among wireless providers.”

Update: At the 2014 Canadian Telecom Summit, Ted Woodhead, VP Regulatory Affairs for TELUS, confirmed that TELUS has withdrawn its offer for Mobilicity. No other details were given. No word on what is next for Mobilicity or if they have any other offers on the table.