The immediate sale of Wind Mobile is unlikely until the federal government settles its foreign ownership rules, UBS Investment Research analyst Phillip Huang says. On Thursday VimpelCom Ltd. won support from shareholders to acquire Wind Telecom S.p.A in a $6.5 billion deal. The transaction will double the company's customer base to about 173 million. Through subsidiary Orascom Telecom, Wind Telecom, based in Cairo, owns 65 per cent of the equity of Globalive Wireless Management Corp. Globalive, based in Toronto, operates Wind Mobile, which currently has about 250,000 subscribers. Huang wrote in a research note Thursday that Wind Mobile is not likely not be up for sale immediately by VimpelCom. “In the company's most recent presentation, management highlighted Canada as being an area of potential upside—they appear to view Canada as being similar to Italy in terms of potential for rapid market share gain with solid margins,” Huang wrote. Huang said VimpelCom is likely to wait until the federal government has settled the question of foreign ownership in the telecom sector before making a decision. “We believe VIP could benefit from having greater exit options for Wind Canada if the restrictions are relaxed,” he said. Huang also noted that the acquisition may give Wind Mobile access to more funds.