TORONTO and MONTREAL – Wireless video and data company Look Communications said today it has hired U.S. investment banking firm Greenhill & Company "to assist in the strategic repositioning of Look and to assist the company in maximizing shareholder value."
Such a release containing such euphemisms are usually the kick-off to the sale of a company. Greenhill’s web site says it is "focused on mergers and acquisitions, financial restructuring and merchant banking." Look, now owned by Unique Broadband Systems, has finished restructuring.
"Look is uniquely positioned to take advantage of the exploding wireless communications market in Canada with its 92 MHz of licensed spectrum in the 2.5 GHz band and its broadcasting license in Ontario and Quebec," said Gerry McGoey, vice-chairman and CEO of Look, in the press release.
"In order to maximize the value of our unique combination of assets, licenses, technology and know-how, we retained Greenhill & Company to assist in bringing together the appropriate interested parties."
Look is running and testing a mobile multimedia service in Milton, Ont., where the plan is for vehicles, for example, to be able to have access to digital television and wireless Internet, on the move. The company has vehicles equipped with the service rolling around the town west of Toronto.
"On March 30, 2006, Industry Canada confirmed that the 2500-2700 MHz band is designated mobile and will be harmonized with the US band plan for mobile services. In April 2006, the CRTC confirmed that Look’s broadcast license permits it to offer mobile TV today. The CRTC went on to request comments on its proposed exemption from regulation relating to any broadcasting to any mobile devices. These policy statements and the recent spectrum auction in the U.S. which ended on September 18, 2006, position Look well for the next generation of Mobile Multi Media in North America," says the press release, recounting recent news affecting the wireless market.
"There can be no assurance that the review will result in any specific strategic or financial transaction," concludes the release.
