Sawiris says he’s exiting Canadian market for good

telecom | 10/16/2013 8:03 pm EDT

Egyptian billionaire and former Wind Mobile financier Naguib Sawiris said he is “finished with Canada” following the federal government's decision to reject his firm's bid to acquire Allstream Inc., Egyptian newspaper Al-Ahram said. “I am finished with Canada, I tell you,” Sawiris told Al-Ahram in a story published this weekend. “The world is big and my money can go anywhere ... I regret that we wanted to invest in Canada,” he said. Industry Canada said last week that it denied Accelero Capital Holdings' $520-million deal to acquire Allstream from Manitoba Telecom Services Inc. following the federal department's review of the deal under the Investment Canada Act. The decision marked the first time the government cited national security...

Allstream no longer for sale as Accelero deal the first blocked for national security

telecom | 10/09/2013 8:51 pm EDT

Manitoba Telecom Services Inc. is removing the “for sale” sign from its Allstream division following the Conservative government's decision to block its sale to Accelero Capital Holdings, said Chris Peirce, the company’s chief corporate officer. “We think Allstream is in the right place in terms of our market niche,” Peirce said in a telephone interview Wednesday. “We’re going to focus on building the Allstream business.” Industry Canada said...