UPDATE 1-Wind Mobile CEO to step down; Orascom to gain control

Fri Jan 18, 2013 6:55pm EST
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* Wind says Lacavera will remain honorary chair of company

* Lacavera to focus on new venture called Globalive Capital

* Lacavera says Wind will carry RIM's new BB10 devices

By Euan Rocha

TORONTO, Jan 18 (Reuters) - Anthony Lacavera, founder of Canada's upstart Wind Mobile, plans to step down as chief executive as part of a deal that will give Egypt's Orascom Telecom control of the carrier, a newcomer to a market long dominated by three companies.

Lacavera, who plans to focus on a new investment initiative called Globalive Capital, will serve in a non-operational capacity as Wind's honorary chair after the deal closes later this year, the companies said on Friday.

The financial terms of the transaction were not disclosed.

Following the close of the deal later this year, Orascom will own a majority voting and economic interest in Wind, the companies said. The deal is subject to the satisfaction of certain conditions, including regulatory approval for the conversion of Orascom's non-voting shares into voting shares.

Wind, with a subscriber base that has grown by almost 50 percent over the last 12 months, just completed its strongest quarter ever, said Lacavera in an interview.   Continued...