The source refused to identify the purchasing company or provide any other details, including the price.
The Globe and Mail, citing three unnamed sources it said were familiar with the negotiations, reported late Tuesday that Mobilicity has accepted an offer from Rogers Communications.
The newspaper reported that the bid was worth more than $400 million, according to two sources.
Rogers Communications declined to comment on the report.
The Globe and Mail has reported that Telus was the other bidder.
Representatives of Mobilicity, which is under creditor protection, are expected to be in Ontario Superior Court on Wednesday to seek court approval for the deal.
After that, it would require the approval of the federal government, which has previously blocked attempts by Telus (TSX:T) to acquire the company.
A major stumbling block in the Telus deal was the proposed transfer of wireless spectrum licences, something Ottawa has opposed as it tries to promote competition in the cellphone industry.
Mobilicity is in five urban markets — Ottawa, Toronto, Calgary, Edmonton and Vancouver — but has not made inroads against the industry main players — Telus, Rogers (TSX:RCI.B) and BCE's Bell (TSX:BCE), which together have about 90 per cent of the Canada's wireless subscribers.
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