Globalive looking for expansion financing

WIND Mobile

Globalive wants to accelerate the pace of the expansion of its WIND Mobile wireless network. To do so, it is looking to raise several hundred million dollars to expand further into Western Canada and Ontario.

In an interview today, Chief Executive Officer Anthony Lacavera revealed that Globalive is talking to a number of Canadian, U.S. and international banks. While Lacavera did not disclose the specific amount being sought, one industry source indicated that it was around CA$700 million, about the same that it got from Orascom back in 2008. A decision on the lenders is expected in the upcoming weeks.

WIND Mobile has signed up more than 10,000 subscribers to date. It wants to sign up 1.5 million within three years. It has also set a longer term goal of 3.5 million subscribers.

WIND Mobile is looking to launch in Ottawa and Edmonton in February with Vancouver to follow in April.

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