Verizon: We're Not Going to Canada

Verizon said yesterday it was not going to Canada after it agreed to buy Vodafone Group Plc's 45 percent stake in Verizon Wireless, giving it full control of the most profitable U.S. mobile-phone operator for $130 billion in the biggest acquisition in more than a decade.

"Verizon is not going to Canada," Lowell McAdam, chief executive officer of New York-based Verizon, said yesterday in a phone interview. "It has nothing to do with the Vodafone deal -it has to do with our view of what kind of value we could get for shareholders. If we thought it had great value creation we would do it. So, we never seriously looked at [venturing into Canada] – I mean, we looked at it, but we never seriously considered the move," he later added.

The prospect of Verizon's entry had produced more options for consumers as the country's big three wireless carriers offered new data sharing plans, previously unavailable for smartphones and tablets. However, Verizon's decision may mean Canadians could soon end up paying more on their cellphone bills, say several analysts.

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