WIND Mobile CEO to step down, sells shares to Orascom Telecom

WIND Mobile launched their service back in December of 2009 and was build by serial entrepreneur Anthony Lacavera. The new carrier was quick to sign up subscribers – now sitting above 500,000 – by offering up unlimited low-cost talk, text and data plans. Over the years they’ve been hammered by lawsuits and foreign ownership acusiations from all carriers, specifically TELUS, Rogers and Public Mobile.

News broke today that changes are on the horizon for WIND Mobile. In a press release it was revealed that Tony Lacavera, WIND’s founder, Chairman and CEO, will step down and “enter into an agreement to transfer” his stake (legally named AAL Corporation) to Orascom Telecom, which is owned by VimpelCom. The release also noted that Lacavera will stay on board until the deal is officially closed, then “Orascom will own an indirect 99.3% interest in Globalive Wireless Management Corp.”

Lacavera stated that “As an entrepreneur, my vision was to ignite change across the wireless landscape in Canada, bringing more competition, better prices and superior service to Canadians. And that is exactly what we did. Now that I am confident WIND Mobile Canada is on a course for long-term success, I can focus on launching Globalive Capital to make targeted investments in companies that share my entrepreneurial vision and continue to support innovation through new and emerging entrepreneurs.”

The fine details of the transaction were not disclosed, but you can bet this will need to be approved by all the necessary regulatory boards.

Source: CNW