Mobilicity reaches acquisition deal with Telus
telecom | 04/18/2014 1:08 pm EDT
Mobilicity announced late Thursday night that it has reached a deal to be purchased by Telus Corp. for $350 million.
Mobilicity, which has been under bankruptcy protection since September last year, said in a press release the transaction would need the approval of the Ontario Superior Court, the federal Competition Bureau, Industry Canada and debtholders.
"The transaction is a good outcome from Mobilicity's restructuring efforts and extensive sales process," William Aziz, Mobilicity's chief restructuring officer, said in the release. "I am confident the transaction will serve the best interests of Mobilicity's customers and employees."
Industry Canada had blocked an initial attempt by Telus to purchase Mobilicity in June of last year, and even after the
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