This article was last updated on April 16, 2022
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Telus Corp. has been granted a court approval by an Ontario judge, Justice Colin Campbell of the Ontario Superior Court of Justice, assuring a go ahead for the proposed $380-million acquisition of a struggling wireless carrier, Mobilicity, on Tuesday. However, the court approval is just one of the first few steps of long-listed and scrutinizing endorsement the proposal will have to acquire before succeeding to carry out the controversial deal. The board will now have to obtain regulatory approvals from the federal government and the Competition Bureau.
Justice Campbell straight forwardly informed the court that “I’ll sign it,” although he would issue written reasons for his order “in due course.” However, the judge’s approval was granted after numerous last-minute negotiations took place between several stakeholders on revisions to the Telus plan and the final wording of the court order. The main obstacle the proposed deal might have to overcome is the signature and approval of Industry Minister, Christian Paradis,s on the deal. Whereas, in case the proposal has to be granted, the Conservative government will be making a key exception to a rule which restricts big carriers, like Telus, from acquiring new-entrant licences until next year.
The court was informed that Mobilicity, i.e. a company legally entitled as Data & Audio-Visual Enterprises Holdings Inc., has been encountering “financial challenges” and its board was already attempting to find a practical solution since the summer of 2012. Consequently, Mobilicity’s lawyer, Orestes Pasparakis told court that it was concluded that the offer by Telus is “the best possible solution” for the upstart carrier.
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