The parent companies of Bell and Rogers have resolved their dispute over mobile phone retailer Glentel following a short-lived ownership struggle.
The telecom giants announced late Wednesday (December 24) they would each take a 50% stake in the company.
This comes after Bell said in November it would acquire the retailer, which sells mobile phones and plans under the Wirelesswave and Tbooth Wireless brands, in a deal worth $670 million.
Rogers countered the following month, filing a court injunction trying to block the sale by arguing Bell first needed its permission to buy the retailer.
Glentel has about 500 locations throughout Canada and sells phones and plans for both Rogers and Bell. The B.C. company also has about 700 outlets in the U.S.
The new deal means Rogers will pay Bell half of the $670 million once the deal closes.
Glentel shareholders will have a special meeting January 12 to approve the deal, which is expected to be completed by the end of the first quarter of 2015.
