TORONTO, Sept. 5, 2014 /CNW/ - A statement of claim has been filed in the Ontario Superior Court of Justice by Quadrangle Group LLC and QCP CW SARL (Quadrangle), along with Data & Audio Visual Enterprises Investments Inc. against Industry Canada for damages in the amount of $1.2 billion. On the basis of Industry Canada's assurances, Quadrangle invested hundreds of millions of dollars in Mobilicity to compete with the large incumbent carriers, built out Mobilicity's network, created thousands of jobs, and provided service to hundreds of thousands of underserved Canadians. The Claim asserts that Industry Canada breached its assurances that it would enforce foreign ownership rules, require incumbent carriers to provide roaming and access to cell towers at reasonable rates and terms, prevent unfair and anti-competitive competitive practices and allow spectrum to be transferred.
In a statement Quadrangle noted "As a result of these breaches Quadrangle lost its investment and forfeited other investment opportunities, hundreds of Canadian jobs were lost, Canadian consumers have been deprived of the benefit of real competition and the prospect of any meaningful foreign investment in Canadian wireless industry for the foreseeable future has been has been lost."
About Quadrangle Group LLC
Quadrangle Group LLC ("Quadrangle") is a private investment firm based in New York City, and has raised more than USD 3 billion of private equity over its 14 year history. Founded in 2000, Quadrangle is focused on the information and communications technology and services sectors. For more information, visit www.quadranglegroup.com.
SOURCE: Quadrangle Group LLC
For further information: Melissa Zanette, Senior Account Manager, Public Affairs, Edelman Canada, [email protected], 416-849-0983