Wind Mobile to be fully Orascom-owned as CEO Lacavera exits

CAIRO AND TORONTO - Wind Mobile has agreed to a deal to become fully foreign-owned by Egyptian-based telcom giant Orascom Telecom Holding, with its CEO and founder Anthony Lacavera to resign once the deal is approved by Industry Canada. The agreement follows recent changes by Industry Canada that frees up telecom companies with less than 10% market share to have no restrictions on foreign investment. As part of the deal Lacavera will transfer all his shares in the wireless upstart to VimpelCom subsidiary Orascom, which already owns 65.1% of the carrier and was an original financial backer of Wind Mobile....