CANADA - The Ontario Municipal Employees Retirement System (OMERS) has signed an agreement to invest in low-cost wireless carrier BMV Holdings (BMV), in a private equity deal worth up to CAN$50m (US$41.7m).
Alek Krstajic, BMV's CEO, said the investment made OMERS one of the largest investors in the company.
Krstajic also reaffirmed BMV's business plan to establish a wireless network in key urban centers in Quebec and Ontario.
BMV was created in July following its purchase in Industry Canada's wireless spectrum auction of the network covering almost 19 million Canadians in the Windsor to Quebec City corridor across Ontario and Quebec.
BMV is set to launch value-priced wireless services to Canadians in specific markets in Ontario and Quebec during the third quarter of 2009.
Paul Renaud, president and CEO of OMERS Private Equity, said: "BMV and its investors made an astute purchase in Industry Canada's wireless spectrum auction last summer and we believe the company has great potential in the Canadian wireless market."
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