Toronto-based Public Mobile has been acquired by venture capital firm Thomvest Seed Capital and private equity firm Cartesian Capital.

The privately held wireless carrier, which provides mobile services in Ontario and Quebec, did not disclose the financial aspects of the deal.

Stefan Clulow, managing director at Thomvest said: "Circumstances in the Canadian wireless industry have created a window for Canada’s fourth wireless player to emerge."

On June 4th, the federal government rejected a bid by TELUS to acquire the wireless spectrum licenses from Mobilicity, another startup experiencing financial turmoil in the Canadian wireless marketplace, dominated by three incumbents.

Paul Pizzani, partner at Cartesian, intends to pursue consolidation opportunities for Public Mobile and expects to be bidding for national spectrum in the upcoming auction scheduled in January 2014.

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