Canada: Verizon interest in Canada “way overblown,” says CEO

Amid major debate and some controversy regarding the potential effects of US wireless giant Verizon Wireless entering the Canadian market, Verizon has reportedly backtracked on its plans to acquire one of the smaller Canadian telco players.

Rumors swirled in recent weeks that Verizon was planning to acquire one of the smaller wireless companies within Canada to enter the sector, posing a major threat to the country’s current top-three firms. Verizon’s entrance sparked debate about the nation’s current policies restricting domestic companies from acquiring smaller wireless rivals.

A recent interview with Verizon CEO Lowell McAdam revealed that any speculation of market entry into Canada was “way overblown” and described his interest in such a plan as merely “limited.”

Reports say the lack of interest in the Canadian market has nothing to do with the recent announcement that Verizon Communications is planning on acquiring the rest of its wireless operations from UK-based Vodafone for $130 billion, a deal confirmed this week.

Full Content: Huffington Post

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