VimpelCom exits Canada

Amsterdam-based carrier group VimpelCom and its investment vehicle Global Telecom Holding said Tuesday they have agreed to exit the Canadian market. The companies will offload their stake in Wind Canada to the controlling shareholder of the operator for C$135m.

VimpelCom and Global Telecom Holding are selling all of their debt and equity interest in the Globalive group of companies in Canada, including Globalive Wireless, which operates under the Wind Canada” brand.

Globalive Capital (formerly AAL Holdings), is the controlling shareholder of Wind, and has tapped up certain investment funds to acquire the interest.

The proceeds going to VimpelCom are in repayment of part of the debt owed to VimpelCom.

Wind Canada had over 740,000 subscribers at the end of June, according to Ovum’s WCIS+, putting it behind Rogers, Bell Wireless and Telus.