The pending acquisition of Mobilicity (a.k.a. Data & Audio-Visual Enterprises Wireless Inc.), by Canadian telecommunications company TELUS Corp. has been approved by the Ontario Superior Court of Justice, bringing the $380 million deal closer to fruition. Mobilicity has been backed by U.S. private equity firm Quadrangle Capital Partners since 2008.
TELUS Acquisition Plan approved by Ontario Superior Court
Toronto, ON – May 28, 2013 – Data & Audio-Visual Enterprises Holdings Inc. and its affiliates (collectively, Mobilicity) announced today that the Acquisition Plan under the terms of the Interim Order of the Ontario Superior Court of Justice (Commercial List) dated Friday, April 26, 2013 (the TELUS Acquisition Plan) has been approved by the Court. The TELUS Acquisition Plan was approved by debtholders on Thursday, May 23, 2013 and remains subject to the satisfaction of certain regulatory approvals.
Stewart Lyons, Mobilicity President and Chief Operating Officer, said, “The Court approval of the Plan of Arrangement for the TELUS acquisition marks an important milestone for us. We will continue to work with TELUS to expedite the approval process of an acquisition that is in the best interests of our customers, employees and other stakeholders.”
With Court approval of the TELUS Acquisition Plan and the positive result of the May 23, 2013 debtholder vote, the TELUS Acquisition Plan remains the best way forward for Mobilicity. For more information on the TELUS Acquisition Plan, please visit Mobilicity’s website at www.mobilicity.ca/investorrelations.
About Mobilicity (DAVE Wireless):
Formerly known as Data & Audio-Visual Enterprises Wireless Inc. (DAVE Wireless), the company operated as Mobilicity. Mobilicity is a wireless carrier that provides wireless telecommunication services to Canadians in Toronto, Ottawa, Calgary, Edmonton and Vancouver. Further information about Mobilicity can be found at www.mobilicity.ca.
For more information please contact: Sheryl Steinberg, Mobilicity, firstname.lastname@example.org, 647-707-7377 or Joel Shaffer, Longview Communications Inc. at 416-649-8006
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