January 8, 2009 / 2:04 PM / 9 years ago

UPDATE 1-BMV Holdings to get investment from OMERS

Jan 8 (Reuters) - Low-cost wireless carrier BMV Holdings said the private equity arm of Canadian pension fund OMERS signed an agreement to invest up to C$50 million ($41.56 million) in the company.

The investment makes OMERS one of the largest investors in the company, BMV Holdings Chief Executive Alek Krstajic said in a statement.

Toronto-based BMV, the latest newcomer to try to take on the three big established players in Canada’s mobile phone market, will launch wireless services to Canadians in specific markets in Ontario and Quebec during the third quarter of 2009.

BMV is entering the business after spending C$52 million ($43.23 million) in the Canadian government’s auction of wireless spectrum. That purchase of airwaves bought it a potential market of about 18 million people. ($1=1.203 Canadian Dollar) (Reporting by Bijoy Koyitty in Bangalore; Editing by Pratish Narayanan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below