Verizon No Longer Going to Canada; Canadian Carriers Rally
September 3, 2013 11:28 AM
comment(s) - last by
Verizon says it has nothing to do with the Vodafone buyout
Verizon has decided not to pursue a place in
the Canadian wireless market
afterall, and Canada's major carriers are rallying as a result.
, Rogers Communications Inc., BCE Inc. and Telus Corp. -- which are Canada's three major wireless carriers -- rallied after Verizon announced that it would no longer try to make its way into Canada.
BCE shares rose 4.3 percent to C$45.03 at 9:01 a.m. on alternative exchanges in Toronto today while Telus rose 6 percent to C$34.75 and Rogers rose 3.5 percent at C$43.06 (from August 30).
Stocks had dropped back in June when Verizon said it would bid to buy Wind Mobile -- the largest of three new Ontario-based carriers. But on August 29, shares of Canada's existing wireless companies rallied in response to talks of Verizon buying out Vodafone.
Verizon Communications announced that it was
buying Vodafone's 45 percent stake
in Verizon Wireless for $130 billion USD yesterday. This means that Verizon now has full control of the wireless network, which happens to be the largest in the U.S. It also has full access to the profitable network's cash load, which will be used to improve the network and fend off competitors.
With this news rolling out, many suspected that Verizon would no longer try to
make a move into Canada
. However, Verizon CEO Lowell McAdam will tell you that the decision not to go into Canada has nothing to do with the Vodafone buyout.
“Verizon is not going to Canada,” said McAdam. “It has nothing to do with the Vodafone deal, it has to do with our view of what kind of value we could get for shareholders. If we thought it had great value creation we would do it.”
This was good news for BCE, Rogers and Telus, since all three together already claim 90 percent of Canadian mobile customers and can continue keeping a tight hold of the market.
Canada has been searching for a fourth major carrier to compete with its top tier carriers for greater consumer choice and competitive prices. Other smaller companies have come along in an attempt to be the fourth, such as Public Mobile, Wind and Mobilicity. However, none of them have been as profitable as the top three.
This article is over a month old, voting and posting comments is disabled
9/4/2013 3:01:45 AM
It's not just Mexico. Backdoor immigration--via offspring born on US soil--is a huge CF. There is a booming industry worldwide shipping couples to the USA temporarily so their children can be born on US soil & therefore claim US citizenship. Of course, that means that their parents can now immigrate legally too.
The system is in serious need of a reform overhaul. I miss the days when immigration was hard, but the immigrants were willing to assimilate in order to advance. You really didn't see German/Irish/Chinese flags being paraded around the streets like you do with Mexican flags.
9/4/2013 8:31:10 AM
I absolutely 100% agree.
You're not an African-American, a Cuban-American, or a Mexican-American. You are either an American or you're not. That is what built this country.
9/4/2013 1:54:13 PM
I think those days are long gone the push now is Global Citizenship and fuzzy sovereignty..yah!
"If you mod me down, I will become more insightful than you can possibly imagine." -- Slashdot
Quick Note: Verizon May Become Canada's Fourth Major Carrier
June 18, 2013, 2:15 PM
Twitter Senior VP: "Diversity is Important, But We Can’t Lower the Bar"
November 9, 2015, 9:59 AM
CNN Resorts to Internet Censorship to Promote Clinton Over Senator Sanders
October 15, 2015, 2:47 PM
Breaking Bad: How to Crash Google's Chrome Browser With Just 8 Characters
September 23, 2015, 11:08 AM
Quick Note: Amazon UK Offers £10 Back on Any Order £50 or Over
August 3, 2015, 12:05 PM
Editorial: Reddit Allows Itself to be Hijacked as a Hate Platform For Racist Bigots
July 21, 2015, 6:32 PM
Mozilla and Facebook to Adobe: It's Time to Kill Flash
July 20, 2015, 6:30 PM
Most Popular Articles
Say Goodbye to Data Plans - Sprint and T-Mobile offer Unlimited Data
August 22, 2016, 6:12 AM
Lenovo vs. Asus vs. HP - Best Laptop Under $500.00
August 19, 2016, 4:00 AM
Uber - Everyone's Autonomous Car Driver?
August 20, 2016, 6:01 AM
Get Ready to wait in line – iPhone 7 due September.
August 18, 2016, 7:15 AM
5 Healthy and Creative ways to add Fiber to your Diet By Monique C. Bethell, Ph.D.
August 18, 2016, 7:43 AM
Latest Blog Posts
Coming Soon - Drones and Airports
Aug 24, 2016, 12:40 PM
SolarCity’s Gigafactory: A Milesone in Emerging Technology by Lily Emamian - 15 August 2016
Aug 15, 2016, 6:30 AM
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
More Blog Posts
Copyright 2016 DailyTech LLC. -
Terms, Conditions & Privacy Information