This article was last updated on April 16, 2022
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Stock market witnessed stunned increase in the shares of two of the Canada’s major wireless telephone companies as they rose by roughly 5 percent on Thursday due to the emergence of news causing increasing doubts regarding the U.S. giant Verizon Communications extending its service across its northern border.
The stocks of Canadian market leader with some 9 million wireless customers, Rogers Communications, and the second largest company with 7 million subscribers, Telus Corp, witnessed sharp increase, along with the shares of third largest operator, BCE Inc., which rose by 1.8 percent by mid-afternoon. Sources previously revealed in June that Verizon has plans of offering an amount between $600 million and $800 million in order to acquire wireless newcomer, Wind Mobile, while also showing interest to buy out another struggling upstart, Mobilicity. However, a recent report from Globe and Mail published on Wednesday revealed that Verizon is now planning to focus on an upcoming auction of sought-after wireless airwaves, i.e. scheduled for early next year, before it finalizes any deal with the acquisitions.
An analyst at Desjardins, Maher Yaghi, commented that he thinks report of a delay implies that either the company is interested to see the cost of buying airwaves before it commits to buying the companies or an established operator has already offered them a compelling deal on roaming rates, making the company reconsider its entire interest in Canada. He stated that “the new development lessens the odds of Verizon entering Canada; however, it does not eliminate this possibility completely.”
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