OMERS invests C$50m in Canadian wireless

The Canadian pension’s private equity group has agreed to back BMV Holdings, which was launched by a private equity consortium following a wireless spectrum auction last summer.

OMERS Private Equity has agreed to invest as much as C$50 million (€30.9 million; $42.2 million) in wireless carrier BMV Holdings.

The investment will make the private equity arm of Canadian pension Ontario Municipal Employees’ Retirement System one of BMV’s largest investors, BMV chief executive Alek Krstajic said in a statement.

BMV was formed last summer after a private equity consortium won a Canadian wireless spectrum auction co-led by US venture firms M/C Venture Partners and Columbia Capital.

Additional investors in the company include: US venture firms Charles River Ventures and Ignition Partners, US- and Canada-based Rho Ventures and Canadian fund of funds manager Kensington Capital Partners.

BMV plans to launch low-cost wireless services in Ontario and Quebec in the third quarter of 2009.

OMERS Private Equity manages roughly C$4 billion of the pensions total C$52 billion in assets under management.