Birch Hill withdraws from 700 MHz spectrum bidders

OTTAWA – Less than a month after registering as a bidder for the country's 700 MHz wireless spectrum, private equity investor Birch Hill Equity Partners has pulled out of the auction. Industry Canada updated the list of bidders on Tuesday, noting that Birch Hill, which registered under the name BH Wave Acquisition Corporation, had withdrawn. Dvai Ghose, Managing Director/Head of Research for Canaccord Genuity, speculated that the company may have declined to participate “because Birch Hill had no way of financing auction payments or perhaps Birch Hill realized that the Government is unlikely to allow new entrant buyers to flip spectrum to the incumbents...