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!
"Paying an extra $500 for a computer in this environment -- same piece of hardware -- paying $500 more to get a logo on it? I think that's a more challenging proposition for the average person than it used to be." -- Steve Ballmer
Quick Note: Verizon May Become Canada's Fourth Major Carrier
June 18, 2013, 2:15 PM
Netflix Announces 7-to-1 Stock Split, Eyes Explosive Overseas Growth
June 23, 2015, 8:18 PM
Sources: Hack on Fed. Database Lost 4.1M Social Security Numbers, Personal Info
June 11, 2015, 9:11 PM
The Big One: Chinese Hackers Steal Records of 4 Million U.S. Gov. Employees
June 4, 2015, 8:13 PM
Tutorial: Here's How to Force YouTube or Vimeo VIdeos to Embed as HTML5
June 3, 2015, 10:14 PM
Google Finally Fixes Maps Bug That Was Giving Racist, Profane Results
May 21, 2015, 1:43 PM
The Pirate Bay Loses Its Iconic Swedish Dot SE Domains
May 20, 2015, 6:31 PM
Most Popular Articles
Windows XP, Vista Users Can Get Free Windows 10 Upgrade Thanks to Loophole
June 23, 2015, 2:23 PM
SanDisk's 200GB microSDXC Card Turns Smartphones Into Enviable PMPs
June 26, 2015, 2:02 PM
U.S. Navy Spends $9M USD to Cling to Windows XP, Office 2003
June 24, 2015, 2:03 PM
Under the Hood: Digging Into Sony's New CUH-1200 PS4, 1 TB Ultimate Player Ed.
June 23, 2015, 10:33 AM
Xbox Outsold 108-to-1 By PS4 in Japan, Weekly Sales Fall to 100 Units
June 22, 2015, 1:54 PM
Latest Blog Posts
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
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2015 DailyTech LLC. -
Terms, Conditions & Privacy Information