better reporting and details..
(Via Globe and Mail)
Mobilicity has accepted an offer from Rogers Communications Inc. and plans to seek court approval of the $465-million sale.

The small wireless carrier, which has been under creditor protection since September, 2013, will take the agreement to court Wednesday morning, according to a court filing.

The Globe and Mail reported Tuesday evening that sources familiar with the negotiations said the company had accepted the agreement after weighing competing bids from Rogers and Telus Corp.

The filing, which was posted on the website of the monitor in its restructuring process overnight, confirms that Mobilicity accepted a bid from Rogers and is asking the court to approve the deal on Wednesday.

Bill Aziz, Mobilicity's chief restructuring officer, said in an affidavit that he understands the agreement has the support of "substantially all of [Mobilicity's] secured debt holders."

The filing said services for Mobilicity subscribers will continue uninterrupted. The carrier offers discount wireless services and has customers in Toronto, Ottawa, Calgary, Edmonton and Vancouver. 

The company's main asset is its spectrum – the airwaves used to build cellular networks – which it purchased for $243-million in 2008. The federal government must approve transfers of spectrum and has previously blocked Mobilicity's attempts to sell its licences to Telus, one of Canada's three largest wireless carriers. Telus offered $380-million in its original 2013 deal and $350-million in a deal last year.

Rogers said Industry Canada has already approved the deal in a press release Tuesday.

The deal includes the transfer of some cellular spectrum to new entrant carrier Wind, which is believed to be a factor in the federal government’s willingness to approve a transaction at this time. "Following the acquisition of spectrum from Shaw and Mobilicity respectively, Rogers and Wind will undertake an AWS-1 spectrum swap in Southern Ontario to create contiguous spectrum for Rogers," the company said in a release. "Rogers will also divest certain non-contiguous AWS-1 spectrum to WIND Mobile in BC, Alberta, Saskatchewan, Manitoba and Northern Ontario and Eastern Ontario."

As part of the deal, Rogers will also pay $100-million to complete an option to purchase unused spectrum licences from Shaw Communications Inc.

Rogers and Shaw struck a broader deal that included the option in 2013 but have to date been unable to win government approval for the spectrum transfer. According to one source, Rogers had been under pressure to get approval for that option as it is set to expire soon.

Rogers said in its release the purchase price is $440-million, but the company is also assuming $25-million in net negative working capital, leaving the total consideration for the deal at $465-million. The purchase price is offset by tax losses valued at approximately $175-million which Rogers will acquire, the company said.

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Reminds me of a group of people who went to work for another company to get away from a certain broadcast executive,  only to wake up one morning and discover that person was their new General Manager.  Come to think of it, I can think of 2 or 3 times that's happened.  You can run...etc.. etc...

Jen wrote:

The reason I went with Mobilicity was to avoid "Robbers", I can't believe I'm going to have to deal with them again.  I pay $25 a month for unlimited talking, texting and data.  I can't wait to see my rates double for half the service they will provide me with.

Expect to say goodbye to Chatr, which came to life (along with Bell Solo) as Wind, Mobilicity and Public Mobile were about to come on-line.  I can't imagine Rogers having 3 flanker brands. (Mobilicity, Chatr, Fido)