MONTREAL – Orascom Telecom Holding says it’s withdrawing an application to acquire control of Wind Mobile Canada.
The Egyptian company says it has made the decision following a review process and discussions with Canada’s federal government.
Orascom provided much of the financial backing for Wind Mobile, one of several new wireless networks that entered the Canadian market several years ago.
Since then the government has relaxed foreign investment restrictions to allow foreign control of small carriers with 10 per cent or less of the wireless market.
Orascom says in a brief statement that it’s interested in working with government on another approach for Wind Mobile, but didn’t go into details.