MONTREAL-Telesystem International Wireless Inc. created a new corporate structure under which it will carry on a national Universal Mobile Telecommunications System business in the United Kingdom.
As part of the reorganization, TIW UMTS UK Ltd., the successful bidder for license A in the U.K. UMTS auction, is being acquired by Hutchison 3G UK Holdings Ltd., the mobile virtual network joint venture between TIW and Hutchison.
In addition, TIW and Hutchison respectively have disposed of 3.5 percent and 31.5 percent of their initial participation in the joint venture, with NTT DoCoMo Inc. and KPN Mobile respectively acquiring a 20 percent and 15 percent participation in 3G Holdings.
TIW said the reorganization will give the company until November to acquire its remaining portion of the issued share capital of 3G Holdings, and provides for a more efficient capital structure to obtain additional financing for 3G Holdings.
