MONTREAL-Telesystem International Wireless Inc. announced the creation of Hong Kong-based TIW Asia N.V.
“TIW Asia will primarily focus on the acquisition of existing wireless companies and the development of new services or technologies within existing or new operating companies,” said Pierre Fitzgibbon, TIW’s executive vice president and chief financial officer.
TIW Asia’s initial capital commitment will total $400 million. The company said it intends to increase its capital base up to $500 million within the next few months.
TIW, the company’s operating partner, will have an economic interest of approximately 25 percent and will be entitled to increased equity participation based on the financial returns generated by TIW Asia.
Capital Communications CDPQ and Asia Opportunity Fund are the lead investors, the company said.
