With the recent $130 billion deal between Verizon and Vodafone, things are pretty intense around Big Red right now. Transactions are taking place, papers are being signed, and it also looks like Verizon isn’t moving into Canada to do business anytime soon.
According to a new report from Reuters, Verizon CEO Lowell McAdams said in an interview today that his company will not be going into Canada. Verizon did have interest in expanding its business to Canada, which is the reason why the company offered to buy WIND Mobile for $600 to $800 million.
Verizon entering the Canadian market had the market already shivering. Rogers, Telus and Bell were all preparing themselves for some very hefty competition, but it looks like they can breath in comfort, perhaps for now.
The major reason why Verizon is not moving into the Canadian market is because of the $130 billion deal it just made with Vodafone. Granted that Verizon could have made a major purchase long before this deal, but according to CEO McAdams, the company had very ‘limited’ interest in entering the Northern market, and now the interest has gone down to ‘none’, because of the deal with Vodafone.
Are you disappointed Verizon isn’t coming to Canada?