TELUS Corp. (TU, T.TO) on Tuesday announced approval of its acquisition of Mobilicity by the Ontario Superior Court of Justice.
"Following on last week's vote in favour of the proposal by Mobilicity's debtholders, today's court decision takes us another important step closer to completing this acquisition, which will allow TELUS to save the jobs of Mobilicity's 150 employees and continue service for their 250,000 customers without the disruption that compan
TELUS announced on May 16 that it had agreed to buy Mobilicity for $380 million, subject to approval from the company's debtholders, the court, the Competition Bureau, and Industry Canada.
On May 23, Mobilicity announced its debtholders voted in favour of the deal. Today, the Ontario Superior Court of Justice found the proposed acquisition can proceed under the Canadian Business Corporations Act.
TELUS and Mobilicity are seeking expeditious regulatory review due to the challenging financial circumstances Mobilicity is facing.
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