Verizon CEO Lowell McAdam says his company isn't coming to Canada
When stock markets open tomorrow morning, expect shares in Canada's largest telecommunications companies to rise.
That's because Lowell McAdam, chairman and CEO of U.S. giant Verizon, has told Bloomberg that his company isn't coming to Canada.
McAdam said any speculation about this is "way overblown".
He made the comments after Verizon paid $130 billion for Vodafone Group's stake in the company.
Industry Minister James Moore has said on numerous occasions that the Conservative government welcomes foreign investment into Canada's wireless sector, which is dominated by BCE Inc., Rogers Communications Corp., and Telus.
There was a great deal of media attention focused on whether Verizon might buy two of the smaller players in the Canadian market, Wind Mobile and Mobilicity.