MONTREAL-Telesystem International Wireless Inc. announced that its board of directors approved a public offering of subordinate voting shares in the United States and Canada, with a private placement tranche in Europe. TIW anticipates the offering will generate about $200 million in proceeds.
Telesystem Ltd. intends to purchase multiple voting shares to maintain the voting interest of such shares, and an additional number of subordinate voting shares at the offering price, said TIW. Telesystem presently holds an 18.7-percent equity interest in TIW.
TIW also announced its subordinate voting shares have been approved to trade on the Nasdaq National Market, which will commence when the public offering closes. The company completed its Canadian initial public offering about a year ago, and currently is listed on the Montreal and Toronto stock exchanges under the symbol TIW.
