Private equity firm Birch Hill Equity Partners has pulled out of an auction of Canadian wireless spectrum, which will take place in January.
Canada’s Industry Ministry said on its website that the firm has withdrawn its application to participate, which enables it to hold takeover talks with the remaining bidders.
In August this year Birch Hill registered to lobby the Canadian government on investment in wireless carriers.
The firm was expected to bid for controlling stakes in small wireless companies Wind Mobile and Mobilicity with financial backing from Rogers Communications.
Current competition regulations bar Canadian majors BCE, Rogers and Telus from buying the spectrum of Wind and Mobilicity, which are available for other bidders.
Birch Hill, which is based in Toronto, has C$2bn under management and 20 portfolio companies, which have combined revenues of C$4.7bn.
The firm targets mid-market companies valued at C$30m to C$600m.
Copyright © 2013 AltAssets