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United American buys Canadian wireless operator

United American Corp Inc. completed the acquisition of TNW Wireless Inc., a wireless operator for wholesale and retail services in Canada, from Investel Capital Corp.

Under the share exchange agreement, Investel received 35 million common shares of United American based on a valuation of 15 U.S. cents per share in exchange for all issued and outstanding shares of TNW Wireless, according to a March 22 news release. United American will assume C$2.5 million in related promissory notes.

The transaction, which was announced in June 2017, was pending the outcome of TNW Wireless' Part 1 Application of July 2017 to the Canadian Radio-television and Communications Commission, under which the company asked the regulator to require Bell Mobility Inc. and TELUS Corp. to provide TNW Wireless with roaming agreements. The CRTC ruled in favor of TNW Wireless on Feb. 28.

United American is a Florida-based development and management company focusing on telecommunications and information technologies.