Primus Telecommunications Group Inc. has acquired full ownership of Globility Communications Crop, a small Canadian carrier that operates in most major cities, by acquiring the remaining 54.4 per cent of its equity.
As an American company, Primus had been prevented from full ownership under previous Canadian foreign-ownership restrictions.
“The recent changes to the legislation have made this acquisition possible, giving Globility much greater latitude to expand its telecom infrastructure across Canada, including the construction of high capacity, state of the art metro fibre,” Peter D. Aquino, Primus chief executive, said in a statement.
Primus sells land-line phone and Internet services in composition with larger Canadian carriers such as Bell, Rogers, Telus, and Shaw.
The U.S. telecom company, which is listed on the New York Stock Exchange, announced Tuesday didn’t disclose what it paid for the remaining 54.4 per cent of Globility.