Public Mobile and its Chinese partner have struck a $350-million financing deal with the Export-Import Bank of China that will help the company build a wireless network from Windsor to Quebec City.
The Toronto-based mobile telecom company said Thursday the two parties had agreed on terms of a vendor financing arrangement will help pay for the network equipment and services provided by ZTE Corp. and ZTE Canada.
Public Mobile is one of Canada's new mobile phone companies and is building a wireless network between Windsor and Quebec City, the most heavily populated part of the country.
It is working with ZTE, a major Chinese wireless telecom equipment maker, to build its Canadian business.
The financing arrangement is backed by export credit insurance from the China Export & Credit Insurance Corp., Public Mobile said in a release.
The vendor financing loan, combined with hundreds of millions of dollars in equity commitments from Public Mobile shareholders, means the company can build its entire network in the Windsor-Quebec City corridor, the company said.
So far, construction of the network has already generated 100 high tech jobs in Ontario and Quebec, the company said.
“This is a significant deal for both Public Mobile and ZTE,” said Alek Krstajic, CEO of Public Mobile. “We chose to work with ZTE because of their expertise in technology and commitment to financing. ZTE provides the world's top mobile operators with high-quality and high-capacity network performance.”
Shi Lirong, president of ZTE, said the partnership with Public Mobile is the Chinese company's first end-to-end wireless network project in Canada.
“ZTE has provided products and services to major telecom operators in 140 countries in Europe, Asia, Africa and Latin America,” Shi said.
Public Mobile gets boost from China - The Globe and Mail
So, while we trust the Chinese enough to have them build whole servers and communication networks for us, India is worried about importing cell phones from them? Or maybe is it just plain old protectionism?
The Toronto-based mobile telecom company said Thursday the two parties had agreed on terms of a vendor financing arrangement will help pay for the network equipment and services provided by ZTE Corp. and ZTE Canada.
Public Mobile is one of Canada's new mobile phone companies and is building a wireless network between Windsor and Quebec City, the most heavily populated part of the country.
It is working with ZTE, a major Chinese wireless telecom equipment maker, to build its Canadian business.
The financing arrangement is backed by export credit insurance from the China Export & Credit Insurance Corp., Public Mobile said in a release.
The vendor financing loan, combined with hundreds of millions of dollars in equity commitments from Public Mobile shareholders, means the company can build its entire network in the Windsor-Quebec City corridor, the company said.
So far, construction of the network has already generated 100 high tech jobs in Ontario and Quebec, the company said.
“This is a significant deal for both Public Mobile and ZTE,” said Alek Krstajic, CEO of Public Mobile. “We chose to work with ZTE because of their expertise in technology and commitment to financing. ZTE provides the world's top mobile operators with high-quality and high-capacity network performance.”
Shi Lirong, president of ZTE, said the partnership with Public Mobile is the Chinese company's first end-to-end wireless network project in Canada.
“ZTE has provided products and services to major telecom operators in 140 countries in Europe, Asia, Africa and Latin America,” Shi said.
Public Mobile gets boost from China - The Globe and Mail
So, while we trust the Chinese enough to have them build whole servers and communication networks for us, India is worried about importing cell phones from them? Or maybe is it just plain old protectionism?
