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Equity Firm Acquires Wireless Provider Public Mobile

Public MobileA few weeks ago we had asked who would buy Public Mobile, the struggling wireless provider, that launch in March 2010 has found a buyer.  Public announced this week this week that Toronto-based investment vehicle of Peter J. Thomson, and Cartesian Capital, a New York-based private equity firm have come to the table. With the acquisition, Thomvest and Cartesian invested the first tranche of a commitment to fully fund Public Mobile to a cash flow positive position, and Thomvest became the company’s controlling shareholder.

Earlier this week  Industry Minister Christian Paradis rejected a proposed bid by TELUS to buy Mobilicity. Apparently Canadian government has some concern and fear that such a merger would open the flood gates for smaller carriers to be swallowed by Bell, Rogers and TELUS who in  in total control more than 90% of the Canadian wireless market.