MONTREAL - Bell has announced a $142 million acquisition by Bell Mobility of the 50 per cent stake in Virgin Mobile Canada not already owned by Bell.
The deal includes an exclusive, long-term licensing agreement with the Virgin Group for continued use of the Virgin Mobile brand in Canada.
"Bell Mobility's acquisition of Virgin Mobile Canada supports our strategic imperative to Accelerate Wireless, a core component in Bell's overall strategy to achieve our goal," said George Cope, president and CEO of Bell and BCE in a statement.
"This initiative will allow Bell Mobility to be uniquely flexible in the competitive wireless marketplace, maximizing network, handset, distribution and global roaming efficiencies."
Virgin Group chairman Richard Branson said "Bell has been an ideal partner for Virgin since 2004."
"I believe the acquisition of Virgin Mobile Canada and continuing license of the Virgin Mobile brand to Bell will help to expand the Mobile business more quickly."
While Virgin Mobile Canada will remain independent with distinct branding, both Virgin Mobile Canada and Bell Mobility will share network infrastructure and common distribution in retail locations such as The Source.
