Verizon Not Coming to Canada and Says Story was Way Overblown

According to a Bloomberg report, Verizon has no interest in entering into Canada’s wireless market.

“Verizon is not going to Canada,” CEO Lowell McAdam said in a telephone interview with . Speculation that the U.S.’s largest wireless company might try to compete in Canada was “way overblown,” he said.

McAdam said Verizon had limited interest in the Canadian market before it announced earlier today that it will buy Vodafone’s 45 percent stake in Verizon Wireless for $130 billion.

Shares of Canada’s big three wireless companies including rallied late last week as news of the potential purchase surfaced, fueling speculation that a deal would diminish Verizon’s appetite for expanding in Canada.

SEE ALSO: Rogers, Telus, and Bell Team up to Launch Anti-Verizon ‘Fair for Canada’ Campaign

Share in Bell, Rogers, and Telus had slumped earlier in the year on talk that Verizon’s entrance into the market would create tougher competition for Canadian carriers.

Verizon Chief Financial Officer Fran Shammo had hinted that the company was considering a wireless venture in Canada at a June Wall Street Journal conference. “We’re looking at the opportunity,” Shammo said at the time. “This is just us dipping our toe in the water.”

TELUS Response: Verizon in Canada – No Guarantees for Canadians

In June the Globe and Mail reported that Verizon was offering $700 million for Canadian discount carrier Wind Mobile. Shortly after Rogers, Telus, and Bell teamed up to lobby against the move campaign called Fair for Canada.