Egypt’s Orascom Telecom Holding is to acquire shares that will give it voting control of Wind Mobile, the Canadian mobile operator.

The operator’s founder, Anthony Lacavera, is transferring his shares in Wind Mobile to Orascom giving it a 99.3 percent indirect stake in the operator via Wind’s parent Globalive Wireless Management.

The financial terms of the deal were not disclosed.

Lacavera will remain chairman and CEO of Wind Mobile until the deal closes later this year. He will then continue as the operator’s honorary chair.

Wind Mobile is a newcomer to the country’s mobile market. Lacavera founded the operator in 2008. It partnered with Orascom to win frequencies in Canada’s 2008 spectrum auction.

Wind Mobile has since successfully built up a 600,000-strong subscriber base, although this leaves it a long way behind the three well-established leaders in the mobile market: Rogers Wireless, BCE and Telus.

However, Orascom’s control of a mobile licence might be contentious under the country’s foreign ownership rules.

The situation is not clear-cut. Canada’s telecoms regulator said in March last year that it will allow foreign companies to buy operators with less than ten percent market share, judged by revenue.

The three leading operators have more than 90 percent market share (at least in terms of subscribers). There are other smaller rivals in the Canadian market besides Wind Mobile.

Orascom-backed Wind Mobile has previously fought a battle over its ownership of wireless spectrum.

Orascom will indirectly acquire all of the interest in Globalive Wireless Management held by AAL, a holding company that is majority-owned by Lacavera. As part of this transaction with AAL, which includes cash and a continuing participation in Wind, Globalive’s fixed assets will be transferred to AAL.

In an interview with Bloomberg, Lacavera said he would maintain a “substantial” stake in Wind Mobile following the deal.

He will also start a new venture capital firm called Globalive Capital.